Harold KORNFELD and Thelma Kornfeld, stockholders of The Norwich Pharmacal Company, suing on behalf of themselves and all other stockholders similarly situated and on behalf and in the right of The Norwich Pharmacal Company, Plaintiffs-Appellants,
v.
Thomas J. EATON and The Norwich Pharmacal Company, Defendants-Appellees.
United States Court of Appeals Second Circuit.https://leagle.com/images/logo.png
Argued November 1, 1963.
Decided February 3, 1964.
Attorney(s) appearing for the Case
Morris J. Levy, New York City, for plaintiffs-appellants.
Philip T. Seymour, Syracuse, N. Y. (Hancock, Dorr, Ryan & Shove, Syracuse, N. Y., on the brief); (William L. Allen, Jr., Syracuse, N. Y., of counsel), for defendant-appellee Eaton.
Bradford S. Allen, Norwich, N. Y. (Bernard J. Schulte and Terrence A. Elkes, Norwich, N. Y., on the brief), for defendant-appellee The Norwich Pharmacal Co.
Walter P. North, Assoc. Gen. Counsel, Securities and Exchange Commission, Washington, D. C. (Philip A. Loomis, Jr., Gen. Counsel, Jacob H. Stillman, Atty., Securities and Exchange Commission, on the brief), as amicus curiae.
Before SWAN, CLARK and MARSHALL, Circuit Judges.
United States Court of Appeals Second Circuit.
MARSHALL, Circuit Judge:
The principal issue presented on this appeal is the validity of the Securities and Exchange Commission Rule X-16B-6.2 Plaintiffs, common shareholders in the Norwich Pharmacal Company, brought suit pursuant to Section 16(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78P(b)3 to recover profits which accrued to defendant Eaton, a director and officer of Norwich, as the result...
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