Legal Opinion
Foremost-McKeeson, Inc. v. Provident Securities Co.
Supreme Court of the United States
Decided January 14, 1976No. 74-742PublishedCited by 154 opinions
1Opinion of the CourtJustice Powell
This case presents an unresolved issue under § 16 (b) of the Securities Exchange Act of 1934 (Act), 48 Stat. 896, 15 U. S. C. § 78p (b). That section of the Act was designed to prevent a corporate director or officer or “the beneficial owner of more than 10 per centum” of a corporation 1 from profiteering through short-swing securities transactions on the basis of inside information. It provides that a corporation may capture for itself the profits realized on a purchase and sale, or sale and purchase, of its securities within six months by a director, officer, or beneficial owner. 2 Section…
2Cases cited14 opinions
- 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
- Fed. Sec. L. Rep. P 94,473 Maurice Shapiro v. Merrill Lynch, Pierce, Fenner & Smith, Inc.Court of Appeals for the Second Circuit · 1974
- Fed. Sec. L. Rep. P 93,072 Securities and Exchange Commission v. Texas Gulf Sulphur Company, a Texas CorporationCourt of Appeals for the Second Circuit · 1971
- Fed. Sec. L. Rep. P 92,683 John Bershad v. Bernard P. McDonoughCourt of Appeals for the Seventh Circuit · 1970
9 more not listed; retrieve them via the Exa API.
3Cited by154 opinions
- Ernst & Ernst v. HochfelderSupreme Court of the United States · 1976
- Analytical Surveys, Inc. v. Tonga Partners, L.P.Court of Appeals for the Second Circuit · 2012
- Roth v. JenningsCourt of Appeals for the Second Circuit · 2007
- Richard Morales v. Quintel Entertainment, Inc. And Peter StolzCourt of Appeals for the Second Circuit · 2001
- State v. GretzlerArizona Supreme Court · 1983
149 more not listed; retrieve them via the Exa API.