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[answered] Let's work on another case that involves this chapter.


Hello, I have an essay question I need answered within two hours. This is a timed test. There must be in-text citations and references. The references must be valid and related to the essay response. NO PLAGIARISM, it will be detected through a machine. 200 Words is preferred. But the question answered thoroughly is most important.?

Thank you very much.


Let?s work on another case that involves this chapter. (Remember NOT to look up the

 

case decision. Base your response on your opinion and the text.)

 

In 1998, after working at two banks for about 10 years, Bryan J. Mitchell helped found

 

MCG Capital Corporation, a venture capital firm that invested in the media,

 

communications, and technology sectors. MCG went public in 2001, and Mitchell served

 

as its CEO and chair of the board. Various documents filed with the SEC stated that

 

Mitchell had ?earned a B.A. in economics from Syracuse University.? In fact, he attended

 

Syracuse for only three years and did not graduate. After being pressured by a journalist,

 

Mitchell disclosed the misrepresentation to the MCG board. The same day, the company

 

issued a press release correcting the statement. The board subsequently stripped Mitchell

 

of his title as chair of the board and made him repay certain bonuses and loans.

 

The press responded negatively to ?another CEO that lied about his resume? and

 

speculated about ?what else might not be right.? On the day the press release was issued,

 

MCG?s stock price dropped from $11.85 per share to $8.40, although it fully recovered

 

within a month.

 

Shareholders sued, alleging that the misrepresentation violated Section 11 of the 1933

 

Act, Section 10(b) of the 1934 Act, and Rule 10(b)-5. Was Mitchell?s lie about having a

 

college degree material? If you had been a member of the MCG board, would you have

 

been comfortable keeping Mitchell as CEO?

 


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