S. E. C. v. BAUSCH & LOMB INC.

No. 11, Docket 76-6189.

565 F.2d 8 (1977)

SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellant, v. BAUSCH & LOMB INCORPORATED and Daniel G. Schuman, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided September 30, 1977.


Attorney(s) appearing for the Case

Harvey L. Pitt, SEC, Washington, D. C. (Paul Gonson, Kathryn B. McGrath, John M. Mahoney, Edward B. Horahan, III, SEC, Washington, D. C.), for plaintiff-appellant SEC.

William H. Morris, Rochester, N. Y. (John Stuart Smith and Nixon, Hargrave, Devans & Doyle, Rochester, N. Y.), for defendant-appellee Bausch & Lomb Inc.

Arthur L. Liman, New York City (Lewis A. Kaplan, Adele R. Wailand, and Paul Weiss, Rifkind, Wharton & Garrison, New York City), for defendant-appellee Daniel G. Schuman.

Before KAUFMAN, Chief Judge, OAKES and MESKILL, Circuit Judges.


IRVING R. KAUFMAN, Chief Judge:

Many a corporate executive, conscious of the antifraud provisions of the Securities Acts, may analogize an encounter with a financial analyst to a fencing match conducted on a tightrope; he is compelled to parry often incisive questioning while teetering on the fine line between data properly conveyed and material inside information that may not be revealed without simultaneously disclosing it to the public. Exhorted by the Securities...

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