oy nVestors Case 8: Stoneridge Investment Partners, LLC v. Scientific-Atlanta, I

Question

oy nVestors Case 8: Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc., 542 U.S. 148 (2008) (Mallor 15th Ed. p. 1175). Stoneridge Investment Partners, LLC, was a shareholder in Charter Communications, Inc.,a television cable service provider. Stoneridge sued Charter for engaging in a variety of fraudulen practices so that its quarterly reports would meet Wall Street expectations for cable subscriber growth and operating cash flow. The fraud included misclassification of its customer base delayed reporting of terminated customers, improper capitalization of costs that should have

Explanation / Answer

As per my understanding of the case as well as so called questions at the end that needs to be answered as true and false are:

1. True False, the court observed that " At most, Scientific-Atlanta and Motorola had aided and abetted Charter's misstatements of its financial results, but, it noted , there is no private right of action for aiding and abeting under section 10(b) violation."

2. True, Scientific-Atlanta a Motorola in their statements referred/ mentioned the transactions booked as wash as per generally accepted accounting principles.

3. True as per the observations and rulings of courts.

4. Nothing is mentioned in the given text so may or may not be true.

5. True, as per my understanding, aiding and abetting in misrepresentation and or with/without booking transactions as wash, having net results of misstatement of earnings, may be termed as immoral act.

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