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SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 16373 / November 29, 1999

SECURITIES AND EXCHANGE COMMISSION v. MICHAEL G. SARGENT, ET AL., Civil Action No. 96-10609 (JLT) (D. Mass. November 16, 1999)

The Securities and Exchange Commission (the "Commission") today announced that on November 16, 1999, at the close of the Commission's case in SEC v. Michael G. Sargent, et al., Civil Action No. 96-10609-JLT (D. Mass.), Chief District Judge Joseph L. Tauro of the District of Massachusetts granted the defendants' motions for judgment in favor of the defendants and against the Commission and found defendants Michael G. Sargent, Dennis J. Shepard, Robert J. Scharn and Robert L. Baker not liable for the securities law violations alleged by the Commission.

In its complaint, the Commission alleged that in September 1994 the defendants violated Sections 10(b) and 14(e) of the Securities Exchange Act of 1934 and SEC Rules 10b-5 and 14e-3 by recommending and/or purchasing the common stock of Purolator Products Company while in possession of material nonpublic information concerning a proposed tender offer for Purolator stock by Mark IV Industries, Inc.

See also Litigation Releases Nos. 14854 and 15935.

http://www.sec.gov/litigation/litreleases/lr16373.htm


Modified:11/30/1999