Robert was the president of JKL, Inc JKL intended to purchase Target Co JKL's intent was not
public information, and when it became public, Target's stock would increase significantly in
value.
Robert individually bought 1,000 shares of Target Co Ten months later, when the merger
was publicly announced, Robert sold Target's stock and made a large profit. Assuming that
Robert is guilty of a violation under the 1934 Securities and Exchange Act, what are the possible
consequences?
A) The persons who sold Robert the stock could sue Robert for damages.
B) The government could charge Robert with criminal violations, leading to fines and/or
imprisonment.
C) The persons who sold Robert the stock could rescind the sale and recover their stock.
D) A, B, and C
E) B and C only
D
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