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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
SECURITIES EXCHANGE COMMISSION DEFENDANTS MICHAEL SARGENT LITIGATION CIVIL ACTION MASS DISTRICT ROBERT VIOLATIONS STOCK PUROLATOR SHEPARD SCHARN BAKER SECURITIES LAW VIOLATIONS COMPLAINT SECURITIES EXCHANGE ACT RECOMMENDING PURCHASING COMMON STOCK PUROLATOR PRODUCTS COMPANY POSSESSION MATERIAL NONPUBLIC INFORMATION PROPOSED TENDER MARK INDUSTRIES NOS |
SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 16373 / November 29, 1999
SECURITIES AND EXCHANGE COMMISSION v. MICHAEL G. SARGENT, ET AL.,
Civil Action No. 96-10609 (JLT) (D. Mass. November 16, 1999)
The Securities and Exchange Commission (the "Commission") today
announced that on November 16, 1999, at the close of the Commission's
case in SEC v. Michael G. Sargent, et al., Civil Action No.
96-10609-JLT (D. Mass.), Chief District Judge Joseph L. Tauro of the
District of Massachusetts granted the defendants' motions for judgment
in favor of the defendants and against the Commission and found
defendants Michael G. Sargent, Dennis J. Shepard, Robert J. Scharn and
Robert L. Baker not liable for the securities law violations alleged
by the Commission.
In its complaint, the Commission alleged that in September 1994 the
defendants violated Sections 10(b) and 14(e) of the Securities
Exchange Act of 1934 and SEC Rules 10b-5 and 14e-3 by recommending
and/or purchasing the common stock of Purolator Products Company while
in possession of material nonpublic information concerning a proposed
tender offer for Purolator stock by Mark IV Industries, Inc.
See also Litigation Releases Nos. 14854 and 15935.
_________________________________________________________________
Modified 11/30/1999
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