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Chapter 23 Case Hypothetical Thomas Abramson is a quality control manager for Capitol-IZE Pharmaceutical Company, Inc. The company is headquartered and has its principle production facility in Indianapolis, Indiana. For several years, Capitol-IZE Pharmaceutical has been engaged in the research and development of a new cancer drug, Izerion. As part of the federal regulatory procedure for mass-marketing a new drug, Capitol-IZE Pharmaceutical applied to the Food and Drug Administration (FDA) for final approval of Izerion. Yesterday, Thomas’s supervisor informed him in somber fashion that the FDA had rejected the company’s application for final approval of Izerion. Apparently, the FDA was concerned about serious side effects that manifested during the drug’s clinical trials. Thomas’ supervisor further advised him that next Monday, Capitol-IZE Pharmaceutical is scheduled to “go public” with a press release concerning the FDA’s rejection of Izerion. Thomas is frantic. He owns approximately 6,000 shares of Capitol-IZE Pharmaceutical stock, and he knows that news of the FDA’s rejection of Izerion will be disastrous to the company, its employees and its shareholders. Capitol-IZE Pharmaceutical stock is currently valued at $47.50 per share, and news of the FDA’s disapproval of Izerion will likely drive the stock down to one-half of its current value. Thomas quickly ran the numbers on his calculator. A reduction of 50% in the stock’s value would represent a personal loss of $142,500. Thomas’ Capitol-IZE Pharmaceutical stock is his only retirement plan, aside from a modest pension he will receive from the company (assuming the company survives Monday’s announcement.) Thomas has a plan. Today, he will instruct his financial planner to immediately sell all 6,000 shares of his Capitol-IZE Pharmaceutical Company, Inc. stock. Thomas rationalizes his decision by assuring himself that anyone else in his position would do the same thing. Is Thomas Abramson’s plan legal? Is it ethical?
Securities and Exchange Commission (SEC)
Expansion of SEC Powers in the 1990s
The Securities Act of 1933: Terminology, Rules, and Procedures
The Securities Act of 1933: Terminology, Rules, and Procedures (Continued)
The Securities Exchange Act of 1934: Terminology, Rules, and Procedures
The Securities Exchange Act of 1934: Terminology, Rules, and Procedures (Continued)
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