Securities & Exchange Commission v. Tecumseh Holdings Corp.

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding “profit projections were materially false,” because “halfway into fiscal year 2002, when Tecumseh was on track to record a net loss of $852,657, it was still circulating a profit projection of almost $8.3 million” and the loss was not disclosed to investors
• granting summary judgment in the SEC’s favor and holding that a company’s multi-million dollar profit projections were materially misleading, because the company was operating at a loss at the time the projections were made
• “The materially false and misleading misrepresentations and omissions concerning the profit projections, . . . were [] made ‘in’ and ‘in connection with’ the offer, purchase, or sale of securities because they were all included in the offering memoranda (drafted by Milling
• “[T]here is no question that a reasonable shareholder would have considered it important, when determining whether to invest in the Class C offering in 2002, that Tecumseh was on track to record a net loss for the 2002 fiscal year.” (emphasis in original)

Source: CourtListener parenthetical corpus (CC0).