SEC v. Unifund SAL
United States Court of Appeals for the Second Circuit
910 F.2d 1028 (1990)
Relevant factsFree
Unifund (defendant) bought over $2 million in Rorer stock and sold it immediately after Rorer's merger with Rhone was announced, earning substantial profits; the SEC (plaintiff) sued for insider trading under Exchange Act Section 10(b) without naming the source of any tip, relying instead on the unusual trading pattern, and obtained a preliminary injunction barring future violations and freezing Unifund's accounts indefinitely.
IssueFree
Whether the SEC must make a substantial showing of its complaint's likelihood of success to obtain a preliminary injunction in a securities-violation suit.
Related cases
United States v. O'Hagan521 U.S. 642 (1997)Securities and Exchange Commission v. Citigroup Global Markets752 F.3d 285 (2014)Hanly v. Securities and Exchange Commission415 F.2d 589 (1969)In re eBay, Inc. Shareholders Litigation2004 WL 253521 (Feb. 11, 2004)Securities and Exchange Commission v. Cuban620 F.3d 551 (2010)