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The GAF Corp. says it is innocent on all counts of a federal indictment charging the chemicals company with manipulating the price of Union Carbide stock in a scheme the government unraveled with the help of insider trader Ivan Boesky.

U.S. Attorney Rudolph Giuliani announced Wednesday that a federal grand jury indicted GAF Corp., two of its subsidiaries and Vice Chairman James Sherwin on charges of stock manipulation involving Union Carbide Corp. equity.

GAF, a leading chemicals and building material company based in Wayne, N.J., immediately issued a statement saying its board of directors "has expressed its full confidence in Jim Sherwin and its deep disappointment in the government's decision to bring these unprecedented charges."