U.S. SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 19550 / January 31, 2006
Securities And Exchange Commission v. Mark Kishel, Civil Action File No. 1:06-CV-0123 (N.D. Ga.).
The Securities and Exchange Commission today announced the Honorable William S. Duffey, Jr., United States District Judge for the Northern District of Georgia, entered a Final Judgment As To Defendant Mark Kishel, a director of Immucor, Inc., enjoining him from future violations of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. The court ordered disgorgement against Kishel of $13,650.00 plus prejudgment interest of $1,117.48. Kishel was also ordered to pay a civil penalty of $13,650.00. Kishel consented to the entry of the judgment without admitting or denying the allegations of the Commission's Complaint.
The Commission's Complaint, filed on January 19, 2006, alleged that on March 25, 2004, when Immucor announced its fiscal third quarter results, the company informed investors that it believed it would receive clearance from the United States Food and Drug Administration ("FDA") to market its "Galileo" blood analysis system in the United States in the fall of 2004. On April 16, 2004, Kishel and Immucor's board of directors were informed that the company expected early FDA approval to market its Galileo blood analysis system. The information constituted material nonpublic information. Shortly after leaving the meeting where he received the information, Kishel purchased Immucor securities while in possession of the information. After the close of the markets on April 26, 2004, Immucor announced that the FDA had approved its Galileo blood analysis system for sale in the United States. On April 27, 2004, Immucor's stock traded up $4.18 (19.19%) to close at $25.96 on heavy trading volume. The Complaint alleged that Kishel received $13,650 in unrealized gain as the result of his conduct.
See also: L.R. 19538 (January 23, 2006).