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PERLMAN v. TIMBERLAKE

172 F.Supp. 246 (1959)

Michael PERLMAN, a stockholder of Jones & Laughlin Steel Corporation, suing on behalf of himself and all other stockholders similarly situated and on behalf and in the right of Jones & Laughlin Steel Corporation, Plaintiff, v. John E. TIMBERLAKE and Jones & Laughlin Steel Corporation, Defendants.

United States District Court S. D. New York.

March 26, 1959.

Attorney(s) appearing for the Case

Morris J. Levy, New York City, for plaintiff.

Rosenman, Goldmark, Colin & Kaye, New York City, for defendant John E. Timberlake, Ambrose Doskow, New York City, of counsel.

Sullivan & Cromwell, New York City, for defendant Jones & Laughlin Steel Corp., John F. Dooling, Jr., New York City, of counsel.

Thomas G. Meeker, and J. Gordon Cooney, Washington, D. C., for Securities and Exchange Commission amicus curiae.

RYAN, District Judge.

In this suit filed under Section 16(b) of the Securities Exchange Act of 1934, (15 U.S.C.A. § 78p(b)) to recover shortswing profits all parties have moved for summary judgment.

The claim pleaded is that defendant Timberlake, while a director of corporate defendant Jones & Laughlin (J & L), between April 1, 1957 and July 16, 1957 sold 1,800 shares and bought under a restricted stock option plan 2,500 shares of J & L common...

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