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FOREMOST-McKESSON, INC. v. PROVIDENT SECURITIES CO.

No. 74-742.

423 U.S. 232 (1976)

FOREMOST-McKESSON, INC. v. PROVIDENT SECURITIES CO.

Supreme Court of United States.

Decided January 13, 1976.

Attorney(s) appearing for the Case

Morton Moskin argued the cause for petitioner. With him on the briefs were Thomas McGanney and Philip E. Diamond.

Noble K. Gregory argued the cause for respondent. With him on the brief were John B. Bates and Walter R. Allan.*

MR. JUSTICE POWELL delivered the opinion of the Court.

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 corporation1 from profiteering through short-swing securities...

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