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10th Edition
ISBN: 9781337605656
Author: CROSS
Publisher: CENGAGE L
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Chapter 28, Problem 7BCP
Summary Introduction
Case summary: Company BACI provided services to small publicaly traded companies. Company CC sold customized USB drives. Company CC falsely informed BACI that it was awarded a contract of $25million by the DOHS. The information was used by BACI to promote the stock of CC and compensation for promotion were paid. The SEC started investigation and the BACI sold its share for $7.8 million. The SEC filed a suit agiants BACI for violating SA,1933.
To explain: The liability of BACI for a false statement made by CC.
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