UNITED STATES SECURITIES AND EXCHANGE COMMISSION, Plaintiff-Appellee,
v.
PIRATE INVESTOR LLC; Frank Porter Stansberry, Defendants-Appellants, and
Agora, Incorporated, Defendant,
James Dale Davidson, Intervenor/Defendant.
Forbes, LLC; Hearst Corporation; Tribune Company (including the Baltimore Sun); Eagle Financial, Incorporated; Investorplace Media, LLC; American Society of Newspaper Editors; California First Amendment Coalition; Radio-Television News Directors Association; Reporters Committee for Freedom of the Press; Society of Professional Journalists; Thomas Jefferson Center for the Protection of Free Expression, Amici Supporting Appellants.
United States Court of Appeals, Fourth Circuit.https://leagle.com/images/logo.png
Argued December 2, 2008.
Decided September 15, 2009.
Attorney(s) appearing for the Case
ARGUED: Bruce D. Brown, Baker & Hostetler, L.L.P., Washington, D.C., for Appellants. Michael Conley, United States Securities & Exchange Commission, Washington, D.C., for Appellee. ON BRIEF: Bruce W. Sanford, Lee T. Ellis, Jr., Laurie A. Babinski, Baker & Hostetler, LLP., Washington, DC; Matthew J. Turner, Baltimore, Maryland, for Appellants. Brian G. Cartwright, General Counsel, Andrew N. Vollmer, Deputy General Counsel, Jacob H. Stillman, Solicitor, Mark Pennington, Assistant General Counsel, Rada L. Potts, Senior Litigation Counsel, Securities & Exchange Commission, Washington, D.C., for Appellee. Walter Dellinger, Mark S. Davies, Allison Orr Larsen, O'Melveny & Myers, LLP., Washington, D.C.; Kai Falkenberg, Editorial Counsel, Forbes, L.L.C., New York, New York; Eve Burton, Jonathan Donnellan, The Hearst Corporation, New York, New York; David S. Bralow, Assistant General Counsel, Tribune Company, East Coast Publishing, New York, New York; Lucy A. Dalglish, Gregg P. Leslie, The Reporters Committee for Freedom of the Press, Arlington, Virginia; Kevin M. Goldberg, American Society of Newspaper Editors, Arlington, Virginia; Kathleen A. Kirby, The Radio-Television News Directors Association, Washington, D.C.; Robert M. O'Neil, Josh Wheeler, The Thomas Jefferson Center for the Protection of Free Expression, Charlottesville, Virginia, for Amici Supporting Appellants.
Before WILLIAMS, Chief Judge, and NIEMEYER and MOTZ, Circuit Judges.
United States Court of Appeals, Fourth Circuit.
Affirmed by published PER CURIAM opinion.
OPINION
PER CURIAM:
Frank Porter Stansberry and Pirate Investor LLC (collectively, "Appellants") offered and sold an e-mail stock tip. The offer and the tip contained representations that information in both documents was the product of conversations with a senior executive inside the company that was the focus of the tip. After conducting a bench trial, the district court concluded that the representations...
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