122344

In: People

Submitted By caicai85
Words 306
Pages 2
World Com

DESCRIBE FACTS AND IDENTIFICATION OF ETHICAL ISSUES OF WORLD COM

MARTHA STEWART

1. WHAT WAS THE BASIS OF MARTHA STEWART’S REPUTATION?

FROM A FINANCIAL PINT OF VIEW, HER REPUTATION WAS BASED ON MARKET SHARE AND STOCK PRICE

IMCLONE SUBMITS APPLICATION FOR ERBITUX TO THE FDA. OCTOBER 31, 2001 SAM WAKSAL IS TIPPED THAT THE FOOD DRUG ADMINISTRATION (FDA) PLANS TO DENY IMCLONE'S APPLICATION FOR ERBITUX. DECEMBER 26, 2001 STEWART AND WAKSAL'S FAMILY MEMBERS SELL SHARES OF IMCLONE STOCK. DECEMBER 27, 2001 THE FDA OFFICIALLY REJECTS ERBITUX. AS EXPECTED, IMCLONE STOCK PRICE DROPS 18%. DECEMBER 28, 2001 PETER BACANOVIC TELLS SEC ATTORNEYS THAT ON DECEMBER 20TH STEWART MADE THE ORDER TO SELL IMCLONE STOCK IF THE PRICE FELL BELOW $60. JANUARY 7, 2002 SAM WAKSAL IS ARRESTED AND CHARGED WITH INSIDER TRADING. JUNE 12, 2002 DOUGLAS FANEUIL PLEADS GUILTY TO TAKING A PAYOFF TO KEEP QUIET ABOUT THE STEWART STOCK TRADE. OCTOBER 2, 2002 WAKSAL ADMITS TO ATTEMPTING TO SELL HIS OWN SHARES AND TIPPING HIS DAUGHTER. OCTOBER 15, 2002 STEWART AND BACANOVIC ARE INDICTED ON 9 FEDERAL COUNTS IN THE IMCLONE SCANDAL. JUNE 4, 2003 WAKSAL IS SENTENCED TO MORE THAN 7 YEARS IN PRISON. JUNE 10, 2003 INK EXPERT TESTIFIES AGAINST FORGED DOCUMENTS SUPPORTING $60 STOP LOSS ORDER. FEBRUARY 19, 2004 STEWART'S BUSINESS MANAGER TESTIFIES IN FAVOR OF $60 STOP LOSS ORDER. FEBRUARY 23, 2004 JUDGE THROWS OUT SECURITIES FRAUD COUNT AGAINST STEWART. FEBRUARY 27, 2004 STEWART IS CONVICTED ON ALL CHARGES. BACANOVIC CONVICTED ON ALL BUT ONE CHARGE. MARCH 5, 2004 STEWART REQUESTS TO BEGIN HER PRISON SENTENCE SO AS TO BE HOME FOR THE SPRING PLANTING SEASON. SEPTEMBER 15, 2004 STEWART'S APPEAL IS DENIED. JANUARY 6,…...

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