Forward-looking Statements

Securities Act §27A / Exchange Act §21E

General

Added by Private Securities Litigation Reform Act of 1995
Nearly identical language in both statutes

Applicability

Exclusions

Safe harbor

General

Oral forward-looking statements

Availability

Effect on other safe harbors

No duty to update

Motion to dismiss

Stay of discovery

SEC exemptive authority

Other SEC authority

Definitions

Forward-looking statement

Investment company

Penny stock

Securities Act § 27A(i)(3)

Going private transaction

Security laws

Securities Act § 27A(i)(5)

Person acting on behalf of an issuer

Other terms

SEC Rules

Rule 175

Rule

Rule 3b-6

Rule

S-K Item 10(b)

Rule
Commission policy on projections
Format for projections

SEC Releases

Final release 33-6291 1982

Final release 33-6383 1982

Release adopted Integrated Disclosure System
Broadened scope of Rule 175/Rule 3b-56 safe harbor

SEC Release 33-6437: 47 FR 54770 12.06.82

SEC Release 33-6465: 48 FR 19875 5.03.83

SEC Release 33-6902: 56 FR 30054 7.01.91

SEC Release 33-6949: 57 FR 36468 8.13.92

SEC Release 33-7745: 64 FR 53900, 53909 10.05.99

Issues

Doesn't apply to tender offers

SEC release commentary 1999

SEC comment letters

Reebok 11.08.04
Texas Genco 10.04.04
Bausch & Lomb 10.02.04
Adeza Biomedical
Build-A-Bear Workshop 9.10.04
Estee Lauder 11.01.04

Response 11.19.04

Precedent Disclosures

Current Form 10-K Precedent

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