The case against Martha Stewart surrounded her sale of shares in ImClone Systems Inc., Had she acted responsibly?
Date Submitted: 09/10/2006 03:43:59
Category: / History / North American History
Length: 5 pages (1480 words)
Category: / History / North American History
Length: 5 pages (1480 words)
The case against Martha Stewart surrounded her sale of 3,928 shares in ImClone Systems Inc., and whether she lied to investigators and her company's investors about it. On Dec. 27, 2001, Stewart cashed out her ImClone stake at an average price of $58.43, collecting about $229,500. After the market closed the following day, the Food and Drug Administration announced its refusal to review ImClone's application for Erbitux, a promising cancer drug. The next trading day, Dec. 31, ImClone's shares opened at $45.39 …
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