United States Second Circuit

A shareholder derivative action, for the disgorgement of short-swing profits, was properly dismissed under the exemption for issuer-to-insider transactions approved by the issuer's board of directors (17 C.F.R. section 240.16b-3(d)(1)).

Appellate Information

• Decided 08/05/2002
• Published 08/05/2002

Judges

• STRAUB, Circuit Judge., Before STRAUB, SOTOMAYOR, Circuit Judges, and GOLDBERG, Judge.

Court

• United States Second Circuit

Counsel

• For Appellant:
  
• David Lopez, Southampton, NY, (David Corsi, Carle, Mackie, Power & Ross, LLP, Santa Rosa, CA, of counsel), for Plaintiffs-Appellants., Giovanni P. Prezioso, Washington, DC, (Eric Summergrad and Allan A. Capute, on the brief), submitted a brief for amicus curiae Securities and Exchange Commission.


• For Appellees:
  
• Ian Rosenberg, Cahill Gordon & Reindel, New York, NY, (Jonathan D. Thier and Catherine Smith, of counsel), for Defendant-Appellee Shire Pharmaceuticals Group PLC., Thomas A. Arena, Milbank, Tweed, Hadley & McCloy LLP, New York, NY, (Richard E. Rosberger and John A. Boyle, on the brief), for Defendants-Appellees Zola Horovitz, Ronald Nordmann and John Spitznagel.