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Promising GenomicsIceland and deCODE Genetics in a World of Speculation$
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Michael Fortun and Roberto Reis

Print publication date: 2008

Print ISBN-13: 9780520247505

Published to California Scholarship Online: March 2012

DOI: 10.1525/california/9780520247505.001.0001

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PRINTED FROM CALIFORNIA SCHOLARSHIP ONLINE (www.california.universitypressscholarship.com). (c) Copyright University of California Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in CALSO for personal use.date: 24 September 2021

Open FutureXSafe Harbor

Open FutureXSafe Harbor

(p.183) Ch 14 Open FutureXSafe Harbor
Promising Genomics

Mike Fortun

University of California Press

The U.S. Securities and Exchange Commission (SEC) provides a wealth of information on genomic companies and other corporations, and is the place where the “self-regulating” securities industry that undergirds the U.S. capital markets is, in fact, regulated. An important part of those securities regulations changed, however, with the passage of the Private Securities Litigation Reform Act of 1995. The change concerned how “forward-looking information” would be read by the courts, and how it should be read by someone sometimes called “the sophisticated investor” and other times called the more modest “reasonable investor.” This is the regulatory framework that shaped the genomic companies. Companies such as deCODE Genetics, Celera Genomics, Millennium Pharmaceuticals, and Human Genome Sciences Inc. have existed almost entirely in a historically specific regulatory framework of corporate disclosure; a framework that sanctions and encourages the promissory quality of the “forward-looking information” which has proven vital to these life-science corporations. In late 1994, the SEC issued a “concept release” calling for comments on proposed changes to the “safe harbor” provisions of federal securities law.

Keywords:   Securities and Exchange, genomic companies, securities industry, Private Securities Litigation, forward-looking information, reasonable investor, deCODE Genetics, corporate disclosure, concept release, safe harbor

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