https://www.skadden.com/insights/publications...securities.
https://www.ropesgray.com/en/insights/alerts/...areholders
That cheat wouldn't work.
"A common objective is needed to form a group. The Adopting Release makes clear that “to determine that a group has been formed under Section 13(d)(3) or 13(g)(3), the evidence must show, at a minimum, indicia, such as an informal arrangement or coordination in furtherance, of a common purpose to acquire, hold, or dispose of securities of an issuer. If two or more persons took similar actions, that fact is not conclusive in and of itself that a group has been formed.”7 That is an important clarification of language in the SEC’s proposal that indicated that the SEC might take a broader view.
An express agreement is not necessary to form a group. The SEC reiterated its position that assessing if a “group” has been formed “depends on an analysis of all the relevant facts and circumstances and not solely on the presence or absence of an express agreement, as two or more persons may take concerted action or agree informally.”8 The SEC also noted that circumstantial evidence may demonstrate the existence of a group.9"
https://www.ropesgray.com/en/insights/alerts/...areholders
That cheat wouldn't work.
"A common objective is needed to form a group. The Adopting Release makes clear that “to determine that a group has been formed under Section 13(d)(3) or 13(g)(3), the evidence must show, at a minimum, indicia, such as an informal arrangement or coordination in furtherance, of a common purpose to acquire, hold, or dispose of securities of an issuer. If two or more persons took similar actions, that fact is not conclusive in and of itself that a group has been formed.”7 That is an important clarification of language in the SEC’s proposal that indicated that the SEC might take a broader view.
An express agreement is not necessary to form a group. The SEC reiterated its position that assessing if a “group” has been formed “depends on an analysis of all the relevant facts and circumstances and not solely on the presence or absence of an express agreement, as two or more persons may take concerted action or agree informally.”8 The SEC also noted that circumstantial evidence may demonstrate the existence of a group.9"
