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ADLER v. KLAWANS

No. 119, Docket 25241.

267 F.2d 840 (1959)

Suzanne L. ADLER, on behalf of herself and all of the stockholders of Williams McWilliams Industries, Inc., similarly situated, Plaintiff-Appellee, v. W. Edward KLAWANS, Defendant Appellant, and Williams-McWilliams Industries, Inc., Defendant.

United States Court of Appeals Second Circuit.

Decided May 4, 1959.

As Modified June 17, 1959.

Attorney(s) appearing for the Case

John L. Freeman, New York City (Wolf, Haldenstein, Adler & Freeman, New York City, on the brief), for defendant-appellant, W. Edward Klawans.

Aranow, Brodsky, Bohlinger, Einhorn & Dann, New York City, for defendant-appellant Williams-McWilliams Industries, Inc.

Stanley L. Kaufman, New York City (Kaufman, Taylor & Kimmel, New York City, on the brief), for plaintiff-appellee, Shephard S. Miller, New York City, of counsel.

Before MEDINA, LUMBARD and BURGER, Circuit Judges.

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...

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