Reading 2-II: Standards of Professional Conduct & Guida including, technology, class, Internet, companies

mayanfang1

Q6. Ironclad owns shares in several research and technology companies, including approximately 4 percent of the outstanding shares of Advanced DSL (“Advanced”), Internet Connections (“Internet”), and approximately 6 percent of the outstanding shares of Speedy Chip Technology (“Speedy Chip”) and Wavelength Digital (“Wavelength”).

• Harrison serves on the board of directors for Internet and Wavelength, while Myers provides consulting services for Speedy Chip. Harrison receives cash compensation and stock options for his services, while Myers receives restricted stock and stock options.

• The investment bank that led the public offering of Internet and Speedy Chip and seven of nine sell-side analysts covering the companies have “sell” ratings on the stocks. Ironclad’s analysts have also issued “sell” recommendations on the companies due to, among other issues, lack of earnings transparency and quality of earnings.

• Harrison increases his position in both Internet and Wavelength citing “growth opportunities” and “consensus opinion.”

Which of the following least likely applies to Harrison and Myers?

A)   Standard II(A): Material Nonpublic Information.

B)   Standard IV(B): Additional Compensation Arrangements.

C)   Standard III(A): Loyalty, Prudence, and Care.

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