Mercer v. Gupta

Plaintiff-Appellant James Mercer (“Plaintiff’) appeals from a December 23, 2011 order, July 28, 2012 memorandum order, and July 31, 2012 judgment of the district court (Rakoff, /.), which granted Defendant-Appellee Rajat K. Gupta’s (“Defendant”) motion to dismiss pursuant to Fed.R.Civ.P. 12(b)(6). Plaintiff had brought a derivative suit on behalf of the Goldman Sachs Group, Inc. (“Goldman Sachs”) under Section 16(b) of the Securities Exchange Act, 15 U.S.C. § 78p(b), seeking to require Defendant to disgorge all profits from short-swing transactions in Goldman Sachs shares. The district court…