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MORALES v. ARLEN REALTY & DEVELOPMENT CORP.

No. 72 Civ. 419.

352 F.Supp. 941 (1973)

Richard MORALES, Plaintiff, v. ARLEN REALTY & DEVELOPMENT CORP. et al., Defendants.

United States District Court, S. D. New York, Civil Division.

January 9, 1973.

Attorney(s) appearing for the Case

David Lopez, New York City, for plaintiff.

Parker, Chapin & Flattau, New York City, for defendants; Alvin M. Stein, Mark Abramowitz, Ray J. Fleischhacker, New York City, of counsel.

OPINION

KNAPP, District Judge.

Plaintiff, a stockholder of Arlen Realty and Development Corporation (Arlen), brings this derivative suit against four Arlen directors, Cohen, Levien, Rose and Weissman, to recover shortswing profits under § 16(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78p. Both sides move for summary judgment on the question of § 16(b) liability, having stipulated pursuant to F. R.Civ.P. 56(c) to sever the issue...

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