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1
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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
COMPLAINT SECURITIES WILLIAM BENJAMIN LOCKWOOD CIVIL COMMON STOCK DEFENDANT SHARES FILING DISTRICT COMPLAINT ALLEGES TRANSACTION CONSENSUS PAY ANTICIPATED REVENUE SHORTFALL PRICE SELLING DEFENDANT AVOIDED LOSSES ADMITTING DENYING ALLEGATIONS ENTRY JUDGMENT PERMANENTLY ENJOINING FUTURE VIOLATIONS EXCHANGE ACT THEREUNDER DISGORGE PROFITS PLUS PREJUDGMENT ONE-TIME CIVIL PENALTY PAY POSTJUDGMENT |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
Litigation Release No. 15754 / May 21, 1998
SECURITIES AND EXCHANGE COMMISSION v. WILLIAM BENJAMIN LOCKWOOD, Civil
Action No. 98-WY-1150 (D. Colo. May 21, 1998).
The Securities and Exchange Commission today announced the filing
of a
civil injunctive action in the United States District Court for the
District of Colorado against William Benjamin Lockwood, alleging that
he
engaged in insider trading in the common stock of BI, Incorporated ( BI
).
The Commission s Complaint alleges that, on September 11, 1996, the
defendant exercised options for 1,500 shares of the common stock of BI
and
sold the shares thereby obtained for $10 7/16 per share. According to
the
Complaint, at the time of this transaction, Lockwood was in possession
of
material nonpublic information indicating that BI would not meet
consensus
estimates for earnings for the quarter. The following day, BI
Incorporated
issued a press release disclosing the anticipated revenue shortfall.
The
price of BI common stock fell that day to close at $7 per share. The
Commission s Complaint alleges that by selling his BI shares at $10
7/16
per share, the defendant avoided losses of $5,468.00.
Simultaneous with the filing of the Complaint on May 21, 1998,
the
defendant consented, without admitting or denying the allegations in
the
Complaint, to the entry of a Final Judgment permanently enjoining him
from
future violations of Section 10(b) of the Exchange Act and Rule 10b-5
thereunder, and ordering that he disgorge profits from his transactions
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