Legal Opinion
Adler v. Klawans
Court of Appeals for the Second Circuit
Decided May 4, 1959No. 119, Docket 25241PublishedCited by 38 opinions
1Opinion of the Court
BURGER, Circuit Judge.
This appeal presents for the first time the question whether Section 16(b) of the Securities Exchange Act of 19341 covers so called “insider profits” made on sales of the corporation's stock by the director of a corporation while holding such office but who was not a director when he purchased the stock less than six months earlier. We hold that such profits are covered by the statute.
Appellant also raises a subsidiary question, whether, if accountable for such profits, the director may offset losses in transactions in the same stock within the six month period covered…
2Cases cited13 opinions
- Woods v. City Nat. Bank & Trust Co. of ChicagoSupreme Court of the United States · 1941
- Smolowe v. Delendo CorporationCourt of Appeals for the Second Circuit · 1943
- Gratz v. ClaughtonCourt of Appeals for the Second Circuit · 1951
- Wright v. Securities and Exchange CommissionCourt of Appeals for the Second Circuit · 1940
- Greene v. DietzCourt of Appeals for the Second Circuit · 1957
8 more not listed; retrieve them via the Exa API.
3Cited by38 opinions
- Dirks v. Securities & Exchange CommissionSupreme Court of the United States · 1983
- Wolf v. WeinsteinSupreme Court of the United States · 1963
- Reliance Electric Co. v. Emerson Electric Co.Supreme Court of the United States · 1972
- Donoghue v. Bulldog Investors General PartnershipCourt of Appeals for the Second Circuit · 2012
- Fed. Sec. L. Rep. P 94,924 American Standard, Inc. v. Crane Co., and Third-Party v. Edward J. Hanley, Third-PartyCourt of Appeals for the Second Circuit · 1975
33 more not listed; retrieve them via the Exa API.