United States Second Circuit
Roth v. The Goldman Sachs Group, Inc., 12-2509
Dismissal of plaintiff's derivative action seeking to hold defendants liable for failing to disgorge "short-swing profits" as required by Section 16(b) of the Securities exchange Act and Securities and Exchange Commission Rule 16b-6(d), is affirmed, where: 1) defendants were statutory insiders when they wrote the call options but not when the same options expired less than six months later; and thus, 2) defendants were not required to disgorge any profits.
Appellate Information
- Decided 01/29/2014
- Published 01/29/2014
Judges
- WINTER
Court
- United States Second Circuit