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Apollo Education Group, Inc. Message Board

  • winterstroy33 winterstroy33 Jan 9, 2014 12:53 PM Flag

    share repurchase program

    could be what is keepin this pig bloated.

    Open Market Share Repurchase Programs

    What legal issues should a company be aware of as it designs and implements its repurchase program?

    Avoiding fraudulent and manipulative practices

    Sections 9(a) and 10(b) of the Securities Exchange Act of 1934 (the Exchange Act) prohibit fraudulent and manipulative practices in connection with an issuer’s or “affiliated purchaser’s” purchase and sale of the issuer’s securities.

    Rule 10b-18 provides a non-exclusive safe harbor against allegations of market manipulation under Sections 9(a)(2) and 10(b) of the Exchange Act and Rule 10b-5 under the Exchange Act solely by reason of the manner, timing, price and volume of the repurchases when the company’s repurchases are made in accordance with the conditions set forth in the rule. Rule 10b-18, however, does not protect against other types of violations of the Exchange Act and Rule 10b-5, such as violations arising from purchases made by an issuer on the basis of material non-public information.

    In order to come under Rule 10b-18’s safe harbor, a company and its affiliated purchasers, taken together, must meet all the following conditions:

    1. Manner: all of the bids and purchases must be made through only one broker or dealer on any single day;

    2. Timing: the purchases must not:

    (a) constitute the opening transaction,
    (b) for a security that, during the preceding four weeks, has an average daily trading volume (ADTV) value of at least $1 million and a public float value of at least $150 million, be made during the 10 minutes before the scheduled close of the primary trading session in the security’s principal market, and during the 10 minutes before the scheduled close of the primary trading session in the market where the purchase is made, and
    (c) for all other securities, be made during the 30 minutes before the scheduled close of the primary trading session in the security’s principal market, and the 30 minutes before the schedule

 
APOL
28.79-0.48(-1.64%)Jul 25 4:00 PMEDT

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