That's the debate. No one really knows.
More Quotes from Charles Elson:
Trading on stock on nonpublic information is legally problematic for the SEC, absolutely. But to get to liability is a pretty long road. It doesn't happen very easily.Charles Elson
When they pressure management to defend itself, it creates greater accountability. It forces management to explain its reasoning. The other shareholders can make up their minds whether they agree or disagree. Let the shareholders decide.
Charles Elson
A few years ago, something that appeared incorrect might not be changed. Today, with heightened concern over complete accuracy, the definition of materiality has gotten a lot broader.
Charles Elson
That would go an awful long way to restoring confidence,
Charles Elson
He has a potentially conflicting fiduciary duty. There may be a way around it, but no matter how thick you slice it, it's still baloney. The next Time Warner board meeting will be interesting.
Charles Elson
The issue is on everyone's radar screen now. If you disregard the shareholder vote, you run the risk of a proxy battle.
Charles Elson
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