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Univ. of San Diego School of Law

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Thursday, January 6, 2005

Breaking Case News: CEO's False Statement About College Degree Not Material

Fourth_circuitThe Fourth Circuit recently held in Greenhouse v. MCG Capital Corp., 03-2318, available here, that a CEO's false statement in a publicly filed document that he had obtained a college degree is not a misprepresentation about a material fact under 10b-5.  Although Judge Roger L. Gregory called the false statement "indefensible," he ruled that it was not likely to cause reasonable investors to devalue the stock when viewed against the total mix of true information available about the company and thus was not material.  Full BNA story here.  [Mark Godsey]

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Comments

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Patrick Loweri
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Posted by: Patrick Loweri | Jan 15, 2006 8:55:36 PM

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Posted by: Pablo | Feb 13, 2007 1:04:58 AM

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