OBERDORFER, Senior District Judge.
Serge Trigano was the President and Chief Executive Officer of the Paris-based international resort and travel giant Club Mediterranee, S.A. (better known as "Club Med"). In October 1996, Trigano issued a warning that Club Med's profits for the fiscal year ending that month would be significantly below market expectations. When the company's financial results became available — which was not until February 1997, due to systemic...
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