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Michigan Securities Law Questions & Answers
1 Answer | Asked in Securities Law for Michigan on
Q: Is it insider trading to purchase stock in a competitor if you know that results from a study may boost their stock?

Specifically, if you work at a private medical company and have done a study on your product and have information that the product may be used to treat something new that it's not currently used for - would it be illegal insider trading to purchase stock of a public competitor who sells a... View More

James L. Arrasmith
James L. Arrasmith pro label Lawyers, want to be a Justia Connect Pro too? Learn more ›
answered on Mar 2, 2023

Yes, it could potentially be considered insider trading if you purchase stock in a competitor based on non-public information about the potential success of your own company's product. Insider trading is the buying or selling of a security, in breach of a fiduciary duty or other relationship... View More

1 Answer | Asked in Securities Law for Michigan on
Q: what can I do about a apartments negligence to broken security cameras?

Car was broken into, I made a police report, thought the cameras on the premises worked... turns out they have been broken for years, with no plan to fix them and to keep them as a "deterrent" even though they are hidden

Brent T. Geers
Brent T. Geers
answered on Dec 20, 2021

Not sure you have a cause of action against the apartment complex. Generally, others are not responsible for others' criminal actions. And unless they had some sort of affirmative duty to provide for this security, they will likely not be liable.

2 Answers | Asked in Products Liability and Securities Law for Michigan on
Q: My bag was stolen from a Goodwill store after they required I put it behind the counter to shop there, are they liable?

They have footage of who took it and we made a police report, but I want to file a lawsuit against their neglected security of my product after taking custody of it, am I in good standings?

Brent T. Geers
Brent T. Geers
answered on Jan 26, 2021

I'm not sure what you would gain from it economically. Generally, one party's liability ends upon another party's criminal action. If there is video footage of this, I'm unsure what other security measures Goodwill could be expected to take. Further, stores are usually not... View More

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1 Answer | Asked in Securities Law for Michigan on
Q: Is there a way to check that an expungement does not come up on a check for the U4 FINRA Application for securities?

This is for Michigan.

I have had a background check and have searched the Michigan State Police site and done another background check on myself and it didn't show up. I just don't know if there is another way they can see it or find an expunged record.

How can I... View More

Brent T. Geers
Brent T. Geers
answered on Nov 18, 2019

If you have a court order granting an expungment, they you can honestly say you do not have a misdemeanor. An expunged conviction is "non-public"; it does not disappear. Courts and law enforcement have access to expunged convictions. Further, depending on how detailed an employer or... View More

1 Answer | Asked in Securities Law for Michigan on
Q: Company responsibility to investors ???

If a company goes out of business before a product is ever sold, Is the money still left in the company account be returned to investors or can it be used by that company for other projects that were never discussed with investors.

Thank You for your Response

Adam Studnicki
Adam Studnicki
answered on Jul 21, 2015

This question is not clear. If the company goes out of business, that implies it is no longer operating. Generally speaking, if it is dissolved, assets are used to pay creditors first and then owners.

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