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PRAGER v. SYLVESTRI

No. 75 Civ. 4829 (RLC).

449 F.Supp. 425 (1978)

Simon L. PRAGER, a shareholder of Gable Industries, Inc., on behalf and in the name of Gable Industries, Inc., Plaintiff, v. Joseph J. SYLVESTRI, Defendant.

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

April 18, 1978.

Attorney(s) appearing for the Case

Lans, Feinberg & Cohen, New York City, for plaintiff; Asher B. Lans, Stephen J. Feinberg, New York City, Edgar J. Royce, Oyster Bay, of counsel.

Paul, Weiss, Rifkind, Wharton & Garrison, New York City, for defendant; Jay H. Topkis, Martin Flumenbaum, David S. Elkind, New York City, of counsel.

OPINION

ROBERT L. CARTER, District Judge.

Plaintiff alleges a violation of § 16(b) of the 1934 Securities Exchange Act, 15 U.S.C. § 78p(b). This section, aimed at curbing certain forms of corporate insider abuse of non-public information, requires that insiders disgorge to the corporation any profits realized within a period of six months on any purchase and sale of the corporation's stock.1 Before the court are cross...

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