Friday, November 4, 2005

More Reg FD Cases Coming SEC Won't Appeal Dismissal of Reg FD Case Against Siebel

As the SEC announced that it would not appeal the dismissal of the Reg FD case against Siebel's chief financial officer, it's spokesman made it a point of stating that it has about a dozen other Reg FD cases pending.

Let's hope for their sake that they have a better case this time.

For those of you who missed it, the SEC had accused Kenneth Goldman, Siebel's chief financial officer, of tipping off institutional investors at two private events in 2003 by characterizing the company's performance as 'good' or 'better' and noting that there were $5 million deals in the software company's pipeline. The SEC believed that the disclosure violated Reg FD, and commenced proceedings. In September, a federal judge ruled that the statements were, in essence, the same as the chief executive officer's forecasts in a public conference call two weeks prior.
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