SEC v. Patel
United States Court of Appeals for the Second Circuit
61 F.3d 137 (1995)
Ratilal Patel (defendant) was the founder, director and senior vice president of Par Pharmaceutical, Inc. (Par). In 1988, Patel falsified certain documents required by the Food and Drug Administration (FDA), detailing the composition of Par’s pharmaceuticals. At the same time as the falsified filing, Patel sold off 75,000 shares of Par, knowing that the falsification would eventually be discovered. The Securities and Exchange Commission (SEC) (plaintiff) brought suit against Patel once the falsification was discovered. The district court ruled against Patel, and barred him from ever serving as director of a publicly-traded corporation, pursuant to 15 U.S.C. §§ 77t(e) and 78u(d)(2), even though it did not explain whether Patel was likely to commit the same violation again. Patel appealed to the Second Circuit Court of Appeals.
Rule of Law
Holding and Reasoning (Miner, J.)
What to do next…
Unlock this case brief with a free (no-commitment) trial membership of Quimbee.
You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 97,000 law students since 2011. Some law schools—such as Yale, Vanderbilt, Berkeley, and the University of Illinois—even subscribe directly to Quimbee for all their law students. Read our student testimonials.
Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.
Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students. Read more about Quimbee.
Here's why 170,000 law students have relied on our case briefs:
- Written by law professors and practitioners, not other law students. 13,800 briefs, keyed to 187 casebooks. Top-notch customer support.
- The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
- Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
- Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.