This section contains the nature of the case and procedural background.

Apparently, Litton (P) had plans to take over Itek. It was a friendly takeover, but Lehman (D) leaked plans of P's confidential strategy, and the tippees drove up the price of Itek stock. P then sued D, and the issue was damages; did the leaking of the information cause the Itek board to get a higher price for its stock than without the information that was leaked into the public marketplace driving up the stock price? The lower court dismissed the claim as there was no genuine material issue of fact as to whether Itek would have accepted a lower offer if not for an artificially inflated market price for its stock. P appealed.

The legal issues presented in this case will be displayed here.

The court's holding and decision will be displayed here.

Legal analysis from Dean's Law Dictionary will be displayed here.