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FERRAIOLO v. NEWMAN

No. 13345.

259 F.2d 342 (1958)

Nicholas FERRAIOLO, Appellant, v. F. R. NEWMAN, Appellee.

United States Court of Appeals Sixth Circuit.

September 24, 1958.

Attorney(s) appearing for the Case

Ralph Rudd (of Harrison, Spangenberg & Hull), Cleveland, Ohio, Allan Hull, Cleveland, Ohio, on brief, for appellant.

Louis Loss, Cambridge, Mass., James A. Weeks (of Thompson, Hine & Flory), Cleveland, Ohio, on brief, for appellee.

Before SIMONS, Chief Judge, and MILLER and STEWART, Circuit Judges.

STEWART, Circuit Judge.

This appeal involves the applicability of Section 16(b) of the Securities Exchange Act of 1934, 15 U.S.C.A. § 78p (b). That section provides that any profit realized by a corporate director resulting from his purchase and sale of the corporation's stock within less than six months shall inure to the corporation.1

In 1948 the appellee, Newman, acquired 43,720...

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