Atlantic Tele-Network v. Prosser

OPINION ON MOTION TO DISMISS AND MOTIONS FOR SUMMARY JUDGMENT

BROTMAN, District Judge.

I. INTRODUCTION

This case arises under § 16(b) of the Securities and Exchange of 1934, which prohibits “short-swing” securities transactions by corporate insiders and allows companies to recoup profits made on such transactions. Plaintiff Atlantic Tele Network (“ATN”) seeks to disgorge profits made by defendant Jeffrey Prosser, a former officer of ATN, on an alleged purchase and subsequent sale of ATN stock in the midst of the company’s December 1997 reorganization. Presently before the Court are Prosser’s…