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SEC v TERRY S. SHILLING Click to find out why . . .



Keywords & Phrases
CaseNo: -15788, CourtCode: DIS, CourtName: DISTRICT COURT FOR THE DISTRICT OF NEW HAMPSHIRE, CIV. NO. 98-CV-329, Defendant: Terry S. Shilling, Plaintiff: SEC, State: NH New Hampshire, UniqueCaseRef: SEC>-15788, Healthsource, Shilling, Complaint, Exchange, Commission, District, Cigna, Securities, Terry, United States District, States District Court, Hampshire, Judgement, Exchange Act, Unlawful, Trading, Common Stock, According, Shares, Trade, Preclear, Agreement, Healthsource Shareholders, Surviving Entity, Purchasing Healthsource Shares, Merger, Post-announcement Closing Price, Shilling Realized Unlawful, Unlawful Trading Profits , ContentID: 120242281

Case Documents
1 1998-06-19 SEC LITIGATION RELEASE
[ see first page and extracted highlights below  ] ItemID: 105374
2 pages
TXT
Total Documents: 1 document , 2 pages
Price: $ 19.95


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1 . SEC LITIGATION RELEASE

EXTRACTED KEY WORDS
SHILLING
COMPLAINT
EXCHANGE
COMMISSION
DISTRICT
CIGNA
SECURITIES
LITIGATION
TERRY
UNITED STATES DISTRICT
STATES DISTRICT COURT
HAMPSHIRE
JUDGEMENT
EXCHANGE ACT
UNLAWFUL
TRADING
COMMON STOCK
ACCORDING
SHARES
TRADE
PRECLEAR
AGREEMENT
HEALTHSOURCE SHAREHOLDERS
SURVIVING ENTITY
PURCHASING HEALTHSOURCE SHARES
MERGER
POST-ANNOUNCEMENT CLOSING PRICE
SHILLING REALIZED UNLAWFUL
UNLAWFUL TRADING PROFITS



                          SECURITIES AND EXCHANGE COMMISSION


     LITIGATION RELEASE NO.  15788  / June  19 , 1998

     SECURITIES AND EXCHANGE COMMISSION v. TERRY S. SHILLING (United States
     District Court for the District of New Hampshire, Civ. No. 98-CV-329
B)

          The Commission announced that, on June 1, 1998, Chief Judge Paul
J.
     Barbadoro of the United States District Court for the District of New
     Hampshire issued a judgment permanently enjoining Terry S. Shilling
     ( Shilling ) from future violations of Section 10(b) of the Securities
     Exchange Act of 1934 ( Exchange Act ) and Rule 10b-5 thereunder and
     ordering Shilling to pay disgorgement of $10,761.78, plus prejudgment
     interest of $1,168.99, and a civil money penalty of $10,761.78.  The
     Commission s complaint, filed on May 21, 1998, alleged that Shilling,
a
     former Healthsource, Inc. ( Healthsource ) executive and a resident of
     Marietta, Georgia, engaged in unlawful insider trading in the common
stock
     of Healthsource.  Simultaneously with the filing of the Complaint,
Shilling
     consented, without admitting or denying the allegations in the
Complaint,
     to the entry of the final judgment.

          According to the Complaint, on February 19, 1997, a Healthsource
     executive called Shilling and informed him, in a confidential
briefing,
     that Healthsource was negotiating with both CIGNA Corporation ( CIGNA )
and
     another company regarding a business combination.  The Complaint
alleged
     that the Healthsource executive also told Shilling that Healthsource
was
     conducting a mini-auction and that the matter could be decided by the
end
     of the following week.  The Complaint also alleged that the
Healthsource
     executive called Shilling a second time that day to emphasize the
     confidential and privileged nature of the information.  According to
the
     Complaint, on February 20, 1997 and after his conversations with the
SNIPPETS:
  • SECURITIES AND EXCHANGE COMMISSION v. TERRY S. SHILLING (United States District Court for the
  • J. Barbadoro of the United States District Court for the District of New Hampshire issued a
  • former Healthsource, Inc. executive and a resident of Marietta, Georgia, engaged in unlawful
  • Simultaneously with the filing of the Complaint, Shilling consented, without admitting or
  • According to the Complaint, on February 19, 1997, a Healthsource executive called Shilling
  • According to the Complaint, on February 20, 1997 and after his conversations with the
  • The Complaint further alleged that Shilling did not preclear his February 20, 1997 trade as
  • On February 28, 1997, Healthsource and CIGNA announced an agreement to merge the two
  • by purchasing Healthsource shares on February
  • in advance of the February 28, 1997 merger announcement and for $5-3/4 per share less than
  • see Litigation Release No. 15753.
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