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WHARF (HOLDINGS) LTD. v. UNITED INT'L HOLDINGS, INC.

No. 00-347.

532 U.S. 588 (2001)

121 S.Ct. 1776

149 L.Ed.2d 845

THE WHARF (HOLDINGS) LTD. et al. v. UNITED INTERNATIONAL HOLDINGS, INC., et al.

Supreme Court of United States.

Decided May 21, 2001.

Attorney(s) appearing for the Case

Paul M. Dodyk argued the cause for petitioners. With him on the briefs was William R. Jentes.

Louis R. Cohen argued the cause for respondents. With him on the brief were Jonathan J. Frankel, David B. Wilson, and Jeffrey A. Chase.

Matthew D. Roberts argued the cause for the Securities and Exchange Commission as amicus curiae urging affirmance. With him on the brief were Acting Solicitor General Under wood, Deputy Solicitor General Kneedler, David M. Becker, Meyer Eisenberg, Jacob H. Stillman, Katharine B. Gresham, and Susan S. McDonald.

Breyer, J., delivered the opinion for a unanimous Court.

Justice Breyer, delivered the opinion of the Court.

This securities fraud action focuses upon a company that sold an option to buy stock while secretly intending never to honor the option. The question before us is whether this conduct violates § 10(b) of the Securities Exchange Act of 1934, which prohibits using "any manipulative or deceptive device or contrivance" "in connection with the purchase or sale of any security...

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