Word: martha
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...several public statements defending her ImClone trade. She denied that she had received any inside information and said she was simply following the $60 sell arrangement she and Bacanovic had discussed. Comey, the U.S. Attorney, said Stewart made these statements "to stop the slide of the stock price" of Martha Stewart Living Omnimedia and deceived shareholders who otherwise would be worried that insider-trading allegations would damage a company built entirely around the image of its namesake. (The stock indeed rose briefly after Stewart's early statements defending herself but last week was down to $10.24 a share, from...
...Stewart simply sold on that advice, securities experts say, she probably would not have faced trouble--though Bacanovic might have. But after hearing about Waksal's order, Stewart, ever the micromanager, tried to reach Waksal herself, leaving a message recorded as "Martha Stewart. Something is going on with ImClone and she wants to know what." Although Stewart didn't learn the reason for Waksal's attempted sale--he had been told that the Food and Drug Administration was about to reject an application for approval of ImClone's key drug, Erbitux--she sold her shares and avoided losses...
...corporate officer, rather than company-related conduct, says John K. Carroll, a former securities prosecutor and now managing partner at the law firm Clifford Chance in New York City. While unusual, this charge connects the case to something more than a single stock trade. "It's not just about Martha Stewart's personal fortune," says Robert Mintz of McCarter & English in Newark, N.J. "It's about manipulating the marketplace." The fraud charge also increases the potential prison time; the maximum sentence is 10 years, twice that of the other charges...
...left unanswered, insider trading "suggests to investors that the game is rigged," says Wayne Carlin, the SEC's northeast regional director. If the SEC wins its case against Stewart, she could be barred from serving on the board of any public company, and her role as an officer of Martha Stewart Living Omnimedia would be limited. Mintz, a former federal prosecutor, says it is an accepted principle of prosecution to use celebrated cases in this way. "There's nothing improper in the general deterrent effect," he says...
Stewart stepped down as CEO hours after the indictment was announced, but a company representative says her new title, "chief creative officer," only reflects what she has always done in shaping the Martha Stewart television shows, magazine and home products. "It's business as usual," the representative says. Stewart will continue to appear on the TV shows, and the magazine will continue to be animated with scenes from her carefully crafted life of gracious country glamour. At least one expert on branding suggests that this is the opposite of what the company should be doing--steering Martha Stewart the company...