United States Second Circuit
Analytical Surveys, Inc. v. Tonga Partners, L.P., 09-2622
In a suit brought under Section 16(b) of the SEC claiming that defendants, as statutory insiders, were prohibited from profiting on the trade of securities on a short-swing basis, district court's judgment is affirmed where: 1) the acquisition of the promissory note was a purchase of a security for purposes of section 16 (b) as was the conversion of the note; 2) neither purchases come within the debt and borderline transaction exception to Section 16(b) liability; and 3) district court did not abuse its discretion in denying defendants' motion for reconsideration.
Appellate Information
- Decided 07/13/2012
- Published 07/13/2012
Judges
- LIVINGSTON
Court
- United States Second Circuit