United States Second Circuit

Dismissal of action under section 16(b) of the Securities Exchange Act of 1934 is affirmed over claims that: 1) a section 16(b) sale occurs at exercise for a hybrid option containing both fixed and floating price components; and 2) if sale occurs when the option is granted, it should be matched with the insider's subsequent acquisition of third-party companies which owned warrants to purchase the issuer's stock.

Appellate Information

• Decided 04/28/2006
• Published 05/01/2006

Judges

• DENNIS JACOBS, Circuit Judge., Before:  JACOBS, CABRANES, and SACK, Circuit Judges.

Court

• United States Second Circuit

Counsel

• For Appellant:
  
• Joseph S. Allerhand (Richard W. Slack, Etan Mark, on the brief), Weil, Gotshal & Manges LLP, New York, NY, for Plaintiff-Appellant At Home Corporation., Brian G. Cartwright, General Counsel of the Securities and Exchange Commission (Jacob H. Stillman, Solicitor, Eric Summergrad, Deputy Solicitor, Allan A. Capute, Special Counsel to the Solicitor), Washington, DC, for Amicus Curiae Securities and Exchange Commission.


• For Appellees:
  
• Michael D. Hays (Michael D. Rothberg, Daniel D. Prichard, on the brief), Dow, Lohnes & Albertson, PLLC, Washington, DC, for Defendants-Appellees Cox Communications, Inc. and Cox @ Home, Inc., Sheron Korpus, (James T. Cain, on the brief), White & Case, LLP, New York, NY, for Defendants-Appellees Comcast Corporation, Comcast Online Communication, Inc., Comcast PC Investments, Inc., and Brian L. Roberts.