§ 1609 — Fraudulent, deceptive or manipulative practices

New York § 1609

• Jurisdiction: New York
• Law BSC: Business Corporation
• Art. 16: Security Takeover Disclosure Act

Text

§ 1609. Fraudulent, deceptive or manipulative practices.\n (a) No person shall make any untrue statement of a material fact or\nomit to state any material fact necessary in order to make the\nstatements made, in the light of the circumstances under which they are\nmade, not misleading, or engage in any fraudulent, deceptive, or\nmanipulative acts or practices, in connection with any takeover bid or\nany solicitation of offerees in opposition to or in favor of any such\ntakeover bid.\n (b) It shall constitute a violation of this article for any person who\nis in possession of material information relating to any takeover bid,\nwhich information he knows or has reason to know is nonpublic, which he\nacquired either before or after the commencement of the takeover bid,\nand which he knows or has reason to know has been acquired directly or\nindirectly from an offeror, a target company, or any officer, director,\npartner or employee or any other person acting on behalf of the offeror\nor target company, to purchase or sell or cause to be purchased or sold,\nwithin or from this state, any securities sought or to be sought by such\ntakeover bid or any securities convertible into or exhangeable for any\nsuch securities or any option or right to obtain or to dispose of any\nsuch securities.\n (c) Fraudulent, deceptive or manipulative acts or practices include\nwithout limitation those acts and practices proscribed by rules and\nregulations which the attorney general is hereby empowered to adopt,\npromulgate, amend and rescind as is necessary to carry out the\nprovisions of this section.\n