Securities — stock repurchase

Posted July 16, 2020 10:05 AM

Where corporation released preliminary numbers for stock buyback prior to close of trading, and then corrected those numbers after close, correction did not violate Sec. 10(b) because initial numbers were labeled preliminary and subject to change.The 7th U.S. Circuit Court of Appeals affirmed a decision by Judge Charles P. Kocoras, Northern District of Illinois. AbbVie, Inc. made a tender offer to repurchase as much as $7.5 billion of its outstanding shares. AbbVie conducted a Dutch auction to determine the price. AbbVie …

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