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BUSI 2301 Business Law

tag 1 Download 2 Pages / 500 Words tag 28-06-2021
  • Course Code: BUSI2301
  • University: Panola College
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  • Country: United States

Question

Norma was a Cuban-American female over age 40. She was a Senior Vice President and Chief Financial Officer at XYZ Corporation, a widget manufacturer that was headquartered in Los Angeles, California and incorporated in Delaware as "C" corporation. 

XYZ has been a publicly traded company since its initial public offering ("IPO") three years ago. XYZ's stock price has steadily increased since its IPO and the financial performance of XYZ has been strong. Two weeks ago, however, Norma and the CEO of XYZ, Bill Snerdly learned that XYZ's major customer, Jurasic, which constitutes 50% of XYZ's revenues will be terminating XYZ's contract and will be going with an XYZ competitor, ABC. Coincidently, XYZ was scheduled to file its 10-K two days after it learned that Jurasic was going to terminate its agreement with XYZ. XYZ made no mention of the termination of the Jurasic contract in its 10-K nor in any later SEC filings. 

In the meantime, and following Jurasic's notice to XYZ, Snerdly started selling massive amounts of his shares in XYZ. Also, two days ago, Snerdly and Norma decided to call a meeting with their two largest investors, the California State Employee's Pension Fund and Loren Muffet, a multi-billionaire investor from Wyoming to give them "a heads up" on certain issues. During the course of the meeting, Snerdly did mention the Jurasic contract termination and the material impact it would have on XYZ. 

Just today, Norma was terminated from her position as CFO. The reason she was given was "poor performance" even though all of her performance reviews were excellent. Shocked with the news, and when she pressed XYZ further, she was told by Snerdly that the widget industry was dominated by men and that the CFO role was really better suited for a man and that if that job were to go to a women "she better show some leg" and certainly "no one would be interested to see the legs of an old hag like you". 

Using the IRAC method, describe the rights, obligations and liabilities of Norma, Snerdly, XYZ shareholders, or a government agency. 
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