Write responses to the following end-of-chapter questions. Week 7: Assignment. The ideal answers will identify the applicable issue, propose a solution, and state a justification.
Your responses should be well-rounded and analytical, and should not just provide a conclusion or an opinion without explaining the reason for the choice. For full credit, you need to use the material from the week’s lectures, text, and/or discussions when responding to the questions. It is important that you incorporate the question into your response (i.e., restate the question in your introduction) and explain the legal principle(s) or concept(s) from the text that underlies your judgment. For each question (and each component, if there are multiple sections of one question), you should provide at least one reference in APA format (in-text citations and references as described in detail in the Syllabus). Each answer should be double-spaced in 12-pt. font and your response to each question should be between one and three paragraphs in length.
Definition of Security The Farmer’s Cooperative of Arkansas and Oklahoma (Co-Op) was an agricultural cooperative that had approximately 23,000 members. To raise money to support its general business operations, Co-Op sold to investors promissory notes that were payable upon demand. Co-Op offered the notes to both members and non-members, advertised the notes as an “investment program,” and offered an interest rate higher than that available on savings accounts at financial institutions. More than 1,600 people purchased the notes, worth a total of $10 million. Subsequently, Co-Op filed for bankruptcy. A class of holders of the notes filed suit against Ernst & Young, a national firm of certified public accountants that had audited Co-Op’s financial statements, alleging that Ernst & Young had violated Section 10(b) of the Securities Exchange Act of 1934. Are the notes issued by Co-Op “securities”? Reeves v. Ernst & Young, 494 U.S. 56, 110 S.Ct. 945, 108 L.Ed.2d 47, Web 1990 U.S. Lexis 1051 (Supreme Court of the United States)
Insider Trading Donald C. Hoodes was the chief executive officer of the Sullair Corporation. As an officer of the corporation, he was regularly granted stock options to purchase stock of the company at a discount. On July 20, Hoodes sold 6,000 shares of Sullair common stock for $38,350. On July 31, Sullair terminated Hoodes as an officer of the corporation. On August 20, Hoodes exercised options to purchase 6,000 shares of Sullair stock that cost Hoodes $3.01 per share ($18,060) at the time they were trading at $4.50 per share ($27,000). Hoodes did not possess material nonpublic information about Sullair when he sold or purchased the securities of the company. The corporation brought suit against Hoodes to recover the profits Hoodes made on these trades. Who wins? Sullair Corporation v. Hoodes, 672 F.Supp. 337, Web 1987 U.S. Dist. Lexis 10152 (United States District Court for the Northern District of Illinois)
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