Legal Opinion
Fed. Sec. L. Rep. P 90,216 Magma Power Company v. The Dow Chemical Company
Court of Appeals for the Second Circuit
Decided February 9, 1998No. 545, Docket 97-7407PublishedCited by 83 opinions
1Opinion of the Court
JACOBS, Circuit Judge.
Magma Power Company (“Magma”) sues under Section 16(b) of the Securities Exchange Act of 1934,15 U.S.C. § 78p(b) (“Section 16(b)”), to capture short-swing profits allegedly earned on trading in Magma stock by The Dow Chemical Co. (“Dow”), which was a statutory insider at the relevant times. The task of matching transactions for the purpose of detecting profits subject to disgorgement under Section 16(b) is ordinarily mechanical; here, because the underlying transactions include a derivative security, the analysis is less straightforward.
At issue are various Dow…
2Cases cited5 opinions
- Blue Chip Stamps v. Manor Drug StoresSupreme Court of the United States · 1975
- Smolowe v. Delendo CorporationCourt of Appeals for the Second Circuit · 1943
- Kern County Land Co. v. Occidental Petroleum Corp.Supreme Court of the United States · 1973
- Reliance Electric Co. v. Emerson Electric Co.Supreme Court of the United States · 1972
- Foremost-McKeeson, Inc. v. Provident Securities Co.Supreme Court of the United States · 1976
3Cited by83 opinions
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- Fed. Sec. L. Rep. P 90,280 Margaret Gwozdzinsky, Derivatively on Behalf of Revco D.S., Inc. v. Zell/chilmark Fund, L.P. And Revco D.S., Inc.Court of Appeals for the Second Circuit · 1998
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