MEMORANDUM OPINION
BOHANON, District Judge.
This cause comes before the Court as a derivative action initiated by a shareholder of the nominal defendant Reading & Bates Offshore Drilling Co. (Reading and Bates). The action was brought pursuant to the provisions of Section 16(b) of the Securities Exchange Act of 1934, 15 U.S.C.A. Sec. 78p (1964). The relief sought is the recovery of "short swing" profits made by the speculations of a corporate "insider...
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