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SEC LITIGATION RELEASE
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EXTRACTED KEY WORDS
INBRAND SECURITIES TRADING ALAN EXCHANGE COMMISSION COMPLAINT ALLEGES INBRAND CORPORATION FINANCIAL PLANNING JOHNSON CIV INSIDER TRADING INJUNCTION DISTRICT GEORGIA MANAGER VIOLATIONS PROVISIONS COMMON STOCK TOTALING SHARES PROFITS ACCORDING ANTI-FRAUD PROVISIONS FEDERAL SECURITIES LAWS SECURITIES EXCHANGE ACT THEREUNDER PERMANENT INJUNCTION FUTURE VIOLATIONS DISGORGEMENT CIVIL PENALTIES |
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
LITIGATION RELEASE NO. 17168 / October 2, 2001
, 01 Civ. Action No. 2613 (October 1, 2001)
SEC FILES INSIDER TRADING CASE AGAINST ALAN E. WESA
The U.S. Securities and Exchange Commission yesterday filed an
injunctive action in the United States District Court for the Northern
District of Georgia (Atlanta Division) against Alan E. Wesa in 01 Civ
Action No. 2613. The complaint alleges that in May 1997, Alan E. Wesa
engaged in insider trading in the securities of Inbrand Corporation.
At the time of the trading, Wesa was an Inbrand employee.
The complaint alleges during 1996 and 1997, Alan E. Wesa was the
Manager of Financial Planning and Analysis for Inbrand Corporation,
then a Georgia corporation engaged in the business of manufacturing
and selling adult incontinence products. In his capacity as Manager of
Financial Planning and Analysis, Wesa reported to Inbrand's Chief
Financial Officer, James Johnson.
On Friday, May 9, 1997 at approximately 5 00 p.m., Johnson informed
Wesa that Tyco International Ltd. would acquire Inbrand in a
transaction that would be publicly announced the following week.
Johnson also told Wesa that as a result of the acquisition he would be
happy to be an Inbrand shareholder.
On Monday morning, May 12, 1997, while in possession of the
aforementioned material non-public information, Wesa made two separate
purchases of Inbrand common stock totaling 1,370 shares. As a result
of this trading, Wesa made profits of $14,556.
According to the Commission's complaint, through this conduct, Wesa
violated the anti-fraud provisions of the federal securities laws,
Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5
thereunder. The Commission seeks a permanent injunction against future
violations of this provision, disgorgement and civil penalties.
_________________________________________________________________
Modified 10/03/2001
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