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



Keywords & Phrases
CaseNo: LR-15753, CourtCode: DIS, CourtName: DISTRICT COURT FOR THE DISTRICT OF NEW HAMPSHIRE, CIV. NO. 98-CV329-B), Defendant: Terry S. Shilling, Plaintiff: SEC, State: NH New Hampshire, UniqueCaseRef: SEC>LR-15753, Healthsource, Complaint, Shilling, District, Cigna, Alleges, Securities, Exchange Commission, Terry, United States District, States District Court, Hampshire, Filing, Unlawful, Trading, Common Stock, According, Shares, Trade, Denying, Allegations, Entry, Judgment Permanently Enjoining, Future Violations, Securities Exchange Act, Thereunder, Pay Disgorgement, Amount, Plus Prejudgment, Civil Money Penalty , ContentID: 120242317

Case Documents
1 1998-05-21 SEC LITIGATION RELEASE
[ see first page and extracted highlights below  ] ItemID: 105410
2 pages
TXT
Total Documents: 1 document , 2 pages
Price: $ 19.95


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1 . SEC LITIGATION RELEASE

EXTRACTED KEY WORDS
COMPLAINT
SHILLING
DISTRICT
CIGNA
ALLEGES
SECURITIES
EXCHANGE COMMISSION
TERRY
UNITED STATES DISTRICT
STATES DISTRICT COURT
HAMPSHIRE
FILING
UNLAWFUL
TRADING
COMMON STOCK
ACCORDING
SHARES
TRADE
DENYING
ALLEGATIONS
ENTRY
JUDGMENT PERMANENTLY ENJOINING
FUTURE VIOLATIONS
SECURITIES EXCHANGE ACT
THEREUNDER
PAY DISGORGEMENT
AMOUNT
PLUS PREJUDGMENT
CIVIL MONEY PENALTY





                          SECURITIES AND EXCHANGE COMMISSION


     LITIGATION RELEASE NO.  15753 / May 21, 1998

     SECURITIES AND EXCHANGE COMMISSION v. TERRY S. SHILLING (United States
     District Court for the District of New Hampshire, Civ. No. 98-CV329-B)

          The Commission announced, on May 21, 1998, the filing of a
Complaint
     alleging that Terry S. Shilling ( Shilling ), a former Healthsource,
Inc.
     ( Healthsource ) executive and a resident of Marietta, Georgia, engaged
in
     unlawful insider trading in the common stock of Healthsource.
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 alleges 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 alleges that the Healthsource
executive
     emphasized the confidential and privileged nature of the information.
     According to the Complaint, on February 20, 1997, after his
conversations
     with the Healthsource executive, Shilling bought 1,900 shares of
     Healthsource common stock for $15-1/8 per share. The Complaint further
     alleges that Shilling did not preclear his February 20, 1997 trade as
     required by Healthsource s procedures and that, had he done so, he
would
     not have received approval for this trade.  On February 28, 1997,
     Healthsource and CIGNA announced an agreement to merge the two
companies,
     with a premium payable to Healthsource shareholders and with CIGNA as
the
     surviving entity.  The Complaint alleges that, by purchasing
Healthsource
     shares on February 20, in advance of the February 28, 1997 merger
SNIPPETS:
  • SECURITIES AND EXCHANGE COMMISSION v. TERRY S. SHILLING (United States District Court for the
  • The Commission announced, on May 21, 1998, the filing of a Complaint alleging that Terry S.
  • According to the Complaint, on February 19, 1997, a Healthsource executive called Shilling
  • The Complaint alleges that the Healthsource executive also told Shilling that Healthsource
  • According to the Complaint, on February 20, 1997, after his conversations with the
  • The Complaint further alleges that Shilling did not preclear his February 20, 1997 trade as
  • The Complaint was filed in the United States District Court for the District of New Hampshire.
  • Simultaneously with the filing of the Complaint, Shilling consented, without admitting or
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