Pan American World Airways made a partial call for its convertible debentures. At the time of the call, it was holding merger negotiations with another corner. Eight days after the call, the merger was announced and the value of the stock went up. Several debenture holders sold their debentures in the interim. Is the company liable under Section 10b-5?
No, see Reiss v. Pan American, 711 F.2d 11(2nd Cir.1983).
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