Sorry, but I still need more help if you are able. Section 10(b)(5), can you point me towards it? I was assuming that this was of the SEC Act of 1934. I can't find a section 10(b)(5)in it.
Also what form would you suspect the amended formal complaint would take? SEC believes that the May 22 news release "may have been released without a sufficient basis as to the reliability of the report". I guess the disclaimer in the release that the findings are those of an independent contractor does not satisfy the SEC. Blame Guido won't work as the basis of a Wells Submission?
If pinning it on Guido will not work, do you think that "between a rock and a hard place", squelching speculators, pressure from SI and other online investors, and fear of a security leak, would form the basis of a Wells Submission that could be bought by the SEC? It is novel, and as you found, a novel approach worked in another case. Doesn't sound like much of a legal position regarding the release, but it is novel, and I'll bet hasn't been tried before.
Any ideas?
Regards,
Jim |
