Rule 10b-5 위반 여부에 대한 의견이 나뉘어, 부정유용 이론의 채택 여부 판단을 보류한 채 원심의 판단이 유지되었다.
Opinions on whether Rule 10b-5 was violated were divided, and the lower court's judgment was upheld, with the decision on whether to adopt the misappropriation theory deferred.