15/05/2007 (Agence Europe) - In response to the request for a preliminary ruling from Symvoulio tis Epikrateias (the Greek State Council), the Court of Justice ruled on 10 May (Affair No C-391/04) that the stock market transactions on transferable securities carried out by Mr Charilaos Georgakis and several members of his family were in breach of Articles 1 and 2 of Council Directive 89/592 on insider dealing. The transactions in question concerned shares in the company, Parnassos, whose board of directors was largely composed of Mr Georgakis and his family. As the shares had never been placed on the open market but were simply circulated between a number of individuals in the sole aim of increasing the volume of transactions and hence artificially support the price of those securities, the Court considers that there was insider information incompatible with the above-mentioned directive. (cd)