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Is it illegal public traded company have a bid process

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Is it illegal for a...
Is it illegal for a public traded company have a bid process for a project and share returned bid results and design to a preferred contractor so they can turn in a lower bid and win the project?
Submitted: 2 years ago.Category: Business Law
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1/29/2016
Business Lawyer: Richard - Bizlaw, Attorney replied 2 years ago
Richard - Bizlaw
Category: Business Law
Satisfied Customers: 10,811
Experience: 30 years of corporate, litigation and international law
Verified

Hello, my name is ***** ***** I will try to help you. Please remember I just report or interpret the law, so the outcome may not be what you hoped for.

Unfortunately there is no law governing how a private company, even a publicly traded one conducts its own bidding process. Where bidders that are supposed to be competitors collude to fix prices that can be subject to suit and even criminal prosecution. However, where a private company takes the action you describe for its own benefit, there is not law governing that type of activity. I know this is not what you wanted to hear but that is the law.

If I have answered all your questions, please positively rate my answer as that is how I receive credit. If you have more questions, please let me know. If the answer was especially helpful you can provide a bonus.

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Business Lawyer: Richard - Bizlaw, Attorney replied 2 years ago

I sent you an answer a couple of days ago and have not had a response. If you have additional questions, please let me know. If I have answered your question, please highly rate my answer as that is how I get credit.

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Richard - Bizlaw
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Richard - Bizlaw, Attorney
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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