United States Second Circuit

In shareholder action seeking disgorgement of profits that defendant director and shareholder realized after numerous transactions in the Company's stock, albeit different types of stock, judgment dismissing complaint is affirmed where an insider's purchase and sale of shares of different types of stock in the same company does not trigger liability under section 16(b) of the Securities Exchange Act of 1934, if those securities are separately traded, nonconvertible, and come with different voting rights.

Appellate Information

• Decided 01/07/2013
• Published 01/07/2013

Judges

• CABRANES

Court

• United States Second Circuit

Counsel