        5(&200(1'(' )25 )8//7(;7 38%/,&$7,21
             3XUVXDQW WR 6L[WK &LUFXLW 5XOH 

     (/(&7521,& &,7$7,21  )(' $SS 3 WK &LU
                 )LOH 1DPH DS




81,7('67$7(6&28572)$33($/6
               )257+(6,;7+&,5&8,7
                 BBBBBBBBBBBBBBBBB


 81,7(' 67$7(6 2) $0(5,&$       ;
           3ODLQWLII$SSHOOHH    
                                  
                                     1R
            Y                    
                                   !
                                  
 '(;7(5 $ s2+1621               
         'HIHQGDQW$SSHOODQW 
                                 1
      $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
    IRUWKH:HVWHUQ'LVWULFWRI7HQQHVVHHDWsDFNVRQ
     1RnsDPHV'7RGG'LVWULFWsXGJH
                $UJXHG)HEUXDU\
            'HFLGHGDQG)LOHG0DUFK
   %HIRUH*8<1255,6DQG6,/(5&LUFXLWsXGJHV
                   BBBBBBBBBBBBBBBBB
                        &2816(/
$5*8('5DOSK$6LYLOOD2)),&(2)7+()('(5$/
38%/,&'()(1'(5)257+(:(67(51',675,&72)
7(11(66((0HPSKLV7HQQHVVHHIRU$SSHOODQWsRKQ7
)RZONHV $66,67$17 81,7(' 67$7(6 $77251(<
0HPSKLV7HQQHVVHHIRU$SSHOOHH21%5,()5DOSK$
6LYLOOD2)),&(2)7+()('(5$/38%/,&'()(1'(5
)25 7+( :(67(51 ',675,&7 2) 7(11(66((
0HPSKLV 7HQQHVVHH IRU $SSHOODQW  sRKQ 7 )RZONHV

                             
     8QLWHG6WDWHVYsRKQVRQ                          1R

$66,67$17 81,7(' 67$7(6 $77251(< 0HPSKLV
7HQQHVVHHIRU$SSHOOHH
                       BBBBBBBBBBBBBBBBB
                           23,1,21
                       BBBBBBBBBBBBBBBBB
   $/$1(1255,6&LUFXLWsXGJH'HIHQGDQW'H[WHU$
sRKQVRQHQWHUHGLQWRDFRQGLWLRQDOJXLOW\SOHDWRRQHFRXQWRI
GUXJWUDIILFNLQJLQYLRODWLRQRI86&DSRVVHVVLRQ
ZLWKLQWHQWWRGLVWULEXWH7KHSOHDDJUHHPHQWSUHVHUYHGKLV
ULJKWWRDSSHDOWKHGHQLDORIKLVPRWLRQWRVXSSUHVVHYLGHQFH
VHL]HG LQ WKH FRXUVH RI D URXWLQH WUDIILF VWRS  ,Q RUGHU WR
UHVROYHWKHTXHVWLRQUDLVHGE\WKHDSSHDOZHPXVWDSSO\WKH
KROGLQJRI:KUHQY8QLWHG6WDWHV86LQ
WKH FRQWH[W RI WKH PRWRU YHKLFOH ODZV RI 7HQQHVVHH
VSHFLILFDOO\7HQQ&RGH$QQOLJKWVUHTXLUHGRQ
PRWRU YHKLFOHV  ,Q OLJKW RI :KUHQ ZH FRQFOXGH WKDW WKH
SROLFH RIILFHUV ZKR LQLWLDWHG WKH WUDIILF VWRS KDG SUREDEOH
FDXVHWREHOLHYHWKDWGHIHQGDQWKDGYLRODWHGWKH7HQQHVVVHH
VWDWXWH DW LVVXH  :H WKHUHIRUH DIILUP WKH MXGJPHQW RI WKH
GLVWULFWFRXUW
   2Q )HEUXDU\   WZR RIILFHUV RI WKH sDFNVRQ
7HQQHVVHHSROLFHGHSDUWPHQWZHUHSDWUROOLQJDQDUHDRIWKH
FLW\ZKHUHGUXJWUDIILFNLQJKDGEHHQUHSRUWHG,QWKHFRXUVH
RIWKHLUVXUYHLOODQFHWKH\QRWLFHGDQDXWRPRELOHGULYHQE\
GHIHQGDQWFLUFOLQJLQWKHDUHD7KH\WKHQREVHUYHGWKDWWKH
YHKLFOHKDGDEURNHQWDLOOLJKW5DWKHUWKDQSXOOWKHFDURYHU
LPPHGLDWHO\WKHRIILFHUVIROORZHGLWIRUDSSUR[LPDWHO\WZR
PLOHVEHIRUHLQLWLDWLQJWKHVWRS
   2IILFHUsDPHV6SULQJILHOGWHVWLWLILHGWKDWKHDQGKLVSDUWQHU
WKHQDSSURDFKHGWKHFDUDQGLQIRUPHGWKHGULYHUGHIHQGDQW
sRKQVRQWKDWmKHKDGEHHQVWRSSHGRQDWUDIILFYLRODWLRQRID
EXVWHGWDLOOLJKWl$FFRUGLQJWR2IILFHU6SULQJILHOGm>E@HIRUH
, FRXOG HYHQ DVN >GHIHQGDQW@ IRU KLV OLFHQVH KH VWDUWHG
UHDFKLQJGRZQLQWKHFRQVROHDUHDRIKLVYHKLFOHl)RUVDIHW\
UHDVRQVWKHRIILFHULQVWUXFWHGGHIHQGDQWWRVWHSRXWRIKLVFDU
1R                      8QLWHG6WDWHVYsRKQVRQ           

   $VXEVHTXHQWFKHFNRIGHIHQGDQWjVGULYHUjVOLFHQVHUHYHDOHG
WKDWLWKDGEHHQVXVSHQGHG$FFRUGLQJWR2IILFHU6SULQJILHOG
GHIHQGDQWmDFWHGUHDOQHUYRXVlZKHQWROGWKDWKHZRXOGEH
SODFHGXQGHUDUUHVWKHDOVRPRYHGLQDPDQQHUmDVLIKHZDV
WU\LQJ WR FRQFHDO VRPHWKLQJl  $ SDWGRZQ UHYHDOHG FUDFN
FRFDLQHLQGHIHQGDQWjVSRFNHWPDULMXDQDZDVIRXQGLQWKH
WUXQNRIWKHFDU
  ,Q DGGLWLRQ WR WKH WHVWLPRQ\ RI 2IILFHU 6SULQJILHOG
SKRWRJUDSKVRIWKHEURNHQWDLOOLJKWZHUHLQWURGXFHGGXULQJWKH
VXSSUHVVLRQKHDULQJDQGZHUHUHYLHZHGE\WKHGLVWULFWFRXUW
ZKLFKFKDUDFWHUL]HGWKHPLQWKHVHWHUPV
  >&@ROOHFWLYHH[KLELWFOHDUO\VKRZVDEURNHQWDLOOLJKWRQ
  WKHGULYHUjVVLGHRIWKLVYHKLFOH1RZFRXQVHOKDVFDOOHG
  LWDFUDFNHGWDLOOLJKWEXWWKLVLVPRUHWKDQDFUDFN7KLV
  LV D EURNHQ WDLOOLJKW ZLWK D SLHFH RI WKH UHG SODVWLF
  PLVVLQJ
7KHFRXUWWKHQFRQVLGHUHGZKHWKHUWKHRIILFHUVKDGSUREDEOH
FDXVHWRVWRSDFDUZLWKmDKROHWKDWELJlLQDWDLOOLJKW$IWHU
FRQFOXGLQJWKDWWKHRIILFHUVKDGDUHDVRQDEOHEDVLVWRVWRSWKH
YHKLFOH WKH FRXUW XSKHOG WKH FRQVWLWXWLRQDOLW\ RI WKH
VXEVHTXHQW VHDUFK DQG VHL]XUH UHO\LQJ XSRQ :KUHQ DQG
8QLWHG 6WDWHV Y )HUJXVRQ  )G  WK &LU  HQ
EDQF
   :KHQFRQVLGHULQJWKHGHQLDORIDPRWLRQWRVXSSUHVVZH
UHYLHZWKHGLVWULFWFRXUWjVILQGLQJVRIIDFWIRUFOHDUHUURUDQG
LWV FRQFOXVLRQV RI ODZ GH QRYR  8QLWHG 6WDWHV Y
1DYDUUR&DPDFKR)GWK&LU$
IDFWXDO ILQGLQJ ZLOO RQO\ EH FOHDUO\ HUURQHRXV ZKHQ WKH
UHYLHZLQJFRXUWLVOHIWZLWKWKHGHILQLWHDQGILUPFRQYLFWLRQ
WKDWDPLVWDNHKDVEHHQFRPPLWWHG8QLWHG6WDWHVY$\HQ
)GWK&LU0RUHRYHUWKHHYLGHQFH
PXVW EH UHYLHZHG mLQ WKH OLJKW PRVW OLNHO\ WR VXSSRUW WKH
GLVWULFWFRXUWjVGHFLVLRQl1DYDUUR&DPDFKR)GDW
TXRWLQJ8QLWHG6WDWHVY%UDJJV)GWK
&LUFHUWGHQLHG86
      8QLWHG6WDWHVYsRKQVRQ                         1R    1R                          8QLWHG6WDWHVYsRKQVRQ             

  ,Q:KUHQWKH6XSUHPH&RXUWVHWWKHVWDQGDUGWKDWJRYHUQV              EHOLHYH D YLRODWLRQ KDG RFFXUUHG EXW RQO\ GLVFRYHUHG
WKLV FDVH m$V D JHQHUDO PDWWHU WKH GHFLVLRQ WR VWRS DQ       DIWHUWKHVWRSRUWKHDUUHVWWKDWWKHVXVSHFWKDGFRPPLWWHG
DXWRPRELOH LV UHDVRQDEOH ZKHUH WKH SROLFH KDYH SUREDEOH           DWUDIILFYLRODWLRQDFRXUWFRXOGQRWILQGWKDWSUREDEOH
FDXVHWREHOLHYHWKDWDWUDIILFYLRODWLRQKDVRFFXUUHGl:KUHQ         FDXVHH[LVWHG6XFKDVWRSZRXOGEHXQUHDVRQDEOHXQGHU
 86 DW   0RUHRYHU ZKHWKHU D WUDIILF VWRS LV          WKH)RXUWK$PHQGPHQW&RQYHUVHO\LIWKHIDFWVNQRZQ
UHDVRQDEOH GRHV QRW GHSHQG XSRQ WKH PRWLYDWLRQ RI WKH            WRWKHRIILFHUDWWKHWLPHRIWKHVWRSZHUHVXIILFLHQWWR
RIILFHUV,GDW                                                   FRQVWLWXWH SUREDEOH FDXVH WR EHOLHYH WKDW D WUDIILF
                                                                         YLRODWLRQKDGRFFXUUHGDUHYLHZLQJFRXUWPD\QRWORRNDW
   $OWKRXJKGHFLGHGEHIRUH:KUHQWKLVFRXUWKDVDGRSWHGD               WKH RIILFHU
V RUGLQDU\ URXWLQH RU KLV FRQGXFW RU
SRVLWLRQRQWKHOHJDOLW\RIWUDIILFVWRSVLQKDUPRQ\ZLWKWKDW           FRQYHUVDWLRQV WKDW RFFXUUHG EHIRUH RU DIWHU WKH VWRS WR
ODWHUVHWRXWE\WKH6XSUHPH&RXUW                                      LQYDOLGDWHWKHVWRSDVSUHWH[WXDO
    :HKROGWKDWVRORQJDVWKHRIILFHUKDVSUREDEOHFDXVHWR          )HUJXVRQ)GDWLQWHUQDOFLWDWLRQVRPLWWHG
    EHOLHYH WKDW D WUDIILF YLRODWLRQ KDV RFFXUUHG RU ZDV
    RFFXUULQJWKHUHVXOWLQJVWRSLVQRWXQODZIXODQGGRHVQRW            7HQQHVVHH&RGH$QQRWDWHGFSURYLGHVm(DFK
    YLRODWHWKH)RXUWK$PHQGPHQW:HIRFXVQRWRQZKHWKHU              ODPSDQGVWRSOLJKWUHTXLUHGLQWKLVVHFWLRQVKDOOEHLQJRRG
    DUHDVRQDEOHRIILFHUmZRXOGlKDYHVWRSSHGWKHVXVSHFW              FRQGLWLRQ DQG RSHUDWLRQDOl  'HIHQGDQW FLWHV QR 7HQQHVVHH
    HYHQ WKRXJK KH KDG SUREDEOH FDXVH WR EHOLHYH WKDW D      DXWKRULW\GHILQLQJWKHWHUPmJRRGFRQGLWLRQlLQWKLVFRQWH[W
    WUDIILF YLRODWLRQ KDG RFFXUUHG RU ZKHWKHU DQ\ RIILFHU     $V WKH GLVWULFW FRXUW QRWHG LQ UHVROYLQJ WKH OHJLWLPDF\ RI
    mFRXOGl KDYH VWRSSHG WKH VXVSHFW EHFDXVH D WUDIILF         GHIHQGDQWjVPRWLRQWRVXSSUHVVWKHTXHVWLRQLVQRWZKHWKHUD
    YLRODWLRQ KDG LQ IDFW RFFXUUHG EXW RQ ZKHWKHU WKLV       7HQQHVVHH FRXUW ZRXOG KDYH IRXQG GHIHQGDQW JXLOW\ RI WKH
    SDUWLFXODURIILFHULQIDFWKDGSUREDEOHFDXVHWREHOLHYH           WUDIILFLQIUDFWLRQEXWZKHWKHUWKHRIILFHUVKDGSUREDEOHFDXVH
    WKDWDWUDIILFRIIHQVHKDGRFFXUUHGUHJDUGOHVVRIZKHWKHU         WREHOLHYHWKDWDYLRODWLRQKDGRFFXUUHG7KHGLVWULFWFRXUW
    WKLVZDVWKHRQO\EDVLVRUPHUHO\RQHEDVLVIRUWKHVWRS          FRQFOXGHG WKDW WKH KROH LQ GHIHQGDQWjV WDLOOLJKW ZDV
    7KHVWRSLVUHDVRQDEOHLIWKHUHZDVSUREDEOHFDXVHDQGLW         VLJQLILFDQWZKLFKLVDIDFWXDOILQGLQJWKDWZHUHYLHZIRUFOHDU
    LV LUUHOHYDQW ZKDW HOVH WKH RIILFHU NQHZ RU VXVSHFWHG      HUURU$SSO\LQJWKHIDFWVHVWDEOLVKHGE\WKHGLVWULFWFRXUWWR
    DERXWWKHWUDIILFYLRODWRUDWWKHWLPHRIWKHVWRS,WLVDOVR     WKH7HQQHVVHHVWDWXWHLQTXHVWLRQZHKROGWKDWWKHRIILFHUV
    LUUHOHYDQW ZKHWKHU WKH VWRS LQ TXHVWLRQ LV VXIILFLHQWO\     KDG SUREDEOH FDXVH WR EHOLHYH WKDW WKH FRQGLWLRQ RI WKH
    RUGLQDU\RUURXWLQHDFFRUGLQJWRWKHJHQHUDOSUDFWLFHRI           WDLOOLJKWYLRODWHGWKHVWDWXWRU\UHTXLUHPHQWWKDWLWEHmLQJRRG
    WKHSROLFHGHSDUWPHQWRUWKHSDUWLFXODURIILFHUPDNLQJWKH         FRQGLWLRQl$FFRUGLQJO\WKHGHFLVLRQWRVWRSWKHYHKLFOHGLG
    VWRS                                                              QRWYLRODWHGHIHQGDQWjV)RXUWK$PHQGPHQWULJKWWREHIUHHRI
                                                                       XQUHDVRQDEOHVHDUFKDQGVHL]XUH
    :HQRWHWKDWWKLVSUREDEOHFDXVHGHWHUPLQDWLRQOLNHDOO
    SUREDEOHFDXVHGHWHUPLQDWLRQVLVIDFWGHSHQGHQWDQGZLOO            7KHMXGJPHQWRIWKHGLVWULFWFRXUWLVDIILUPHG
    WXUQRQZKDWWKHRIILFHUNQHZDWWKHWLPHKHPDGHWKH
    VWRS8QGHUWKLVWHVWLWLVFOHDUWKDWWKHFRXUWVPD\QRW
    GHWHUPLQHZKHWKHUWKHUHZDVSUREDEOHFDXVHE\ORRNLQJ                  
    DW HYHQWV WKDW RFFXUUHG DIWHU WKH VWRS  ,I DQ RIILFHU        :H QRWH WKDW GHIHQGDQW GRHV QRW FKDOOHQJH WKH VHDUFK RI KLV SHUVRQ


    WHVWLILHVDWDVXSSUHVVLRQKHDULQJWKDWKHLQIDFWGLGQRW         RU YHKLFOH FRQGXFWHG DIWHU WKH LQWLWLDO WUDIILF VWRS     5DWKHU WKH VROH
                                                                       DUJXPHQW UDLVHG LQ KLV EULHI LV WKDW EHFDXVH WKH LQWLWLDO VWRS YLRODWHG WKH
    VHHWKHWUDIILFYLRODWLRQRUGLGQRWKDYHSUREDEOHFDXVHWR        )RXUWK $PHQGPHQW WKH HYLGHQFH VXEVHTXHQWO\ VHL]HG E\ WKH RIILFHUV PXVW
                                                                       EH VXSSUHVVHG
