Reference no: EM131390624
Intercontinental Widgets, Inc., had applied for a patent for a new state-of-the-art widget that, if patented, would significantly increase the value of Intercontinental's shares.
On September 1, the Patent Office notified Jackson, the attorney for Intercontinental, that the patent application had been approved. After informing Kingsley, the company's president, of the good news, Jackson called his broker and purchased one thousand shares of Intercontinental at $18 per share. He also told his partner, Lucas, who immediately proceeded to purchase five hundred shares at $19 per share. Lucas then called his brother-in-law, Mammon, and told him the news. On September 3, Mammon bought four thousand shares at $21 per share.
On September 4, Kingsley issued a press release that accurately reported that a patent had been granted to Intercontinental. On the next day, Intercontinental's stock soared to $38 per share. A class action suit is brought against Jackson, Lucas, Mammon, and Intercontinental for violations of Rule 10b-5. Who, if anyone, is liable?
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