Legal Opinion
Kern County Land Co. v. Occidental Petroleum Corp.
Supreme Court of the United States
Decided May 7, 1973No. 71-1059PublishedCited by 235 opinions
1Opinion of the CourtJustice White
Section 16 (b) of the Securities Exchange Act of 1934, 48 Stat. 896, 15 U. S. C. § 78p (b),1 provides that officers, *584directors, and holders of more than 10% of the listed stock of any company shall be liable to the company for any profits realized from any purchase and sale or sale and purchase of such stock occurring within a period of six months. Unquestionably, one or more statutory purchases occur when one company, seeking to gain control of another, acquires more than 10% of the stock of the latter through a tender offer made to its shareholders. But is it a § 16 (b) “sale” when the…
2Cases cited20 opinions
- Smolowe v. Delendo CorporationCourt of Appeals for the Second Circuit · 1943
- Reliance Electric Co. v. Emerson Electric Co.Supreme Court of the United States · 1972
- Park & Tilford, Inc. v. SchulteCourt of Appeals for the Second Circuit · 1947
- Fed. Sec. L. Rep. P 92,683 John Bershad v. Bernard P. McDonoughCourt of Appeals for the Seventh Circuit · 1970
- Margot Newmark v. Rko General, Inc., and Frontier Airlines, Inc.Court of Appeals for the Second Circuit · 1970
15 more not listed; retrieve them via the Exa API.
3Cited by235 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
- American International Group, Inc. v. London American International Corporation Limited and Midland Bank LimitedCourt of Appeals for the Second Circuit · 1981
- Coach Leatherware Co. v. Anntaylor, Inc.Court of Appeals for the Second Circuit · 1991
230 more not listed; retrieve them via the Exa API.