United States Second Circuit

Dismissal of derivative action, seeking disgorgement of alleged short-swing profits pursuant to section 16(b) of the Securities Exchange Act of 1934, is affirmed over claim that the district court erred in ruling that defendants, having received their shares as consideration for selling certain of their businesses to the corporation, had "purchased" those shares within the meaning of section 16(b) on the date on which they sold their businesses, rather than on the later dates asserted by plaintiff.

Appellate Information

• Decided 03/28/2006
• Published 03/29/2006

Judges

• KEARSE, Circuit Judge., Before:  KEARSE, CALABRESI, and POOLER, Circuit Judges.

Court

• United States Second Circuit

Counsel

• For Appellant:
  
• Paul D. Wexler, New York, New York (Bragar Wexler Eagel & Morgenstern, New York, New York;  Ostrager Chong Flaherty & Broitman, New York, New York, on the brief), for Plaintiff-Appellant.


• For Appellees:
  
• Dennis H. Tracey, III, New York, New York (Hogan & Hartson, New York, New York, on the brief), for the individual Defendants-Appellees., Marshall Beil, New York, New York (McGuireWoods, New York, New York, on the brief), for Defendant-Appellee Smithfield Foods, Inc.