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PORTNOY v. SELIGMAN & LATZ, INC.

No. 78 Civ. 4632 (CHT).

516 F.Supp. 1188 (1981)

Leo P. PORTNOY, Plaintiff, v. SELIGMAN & LATZ, INC., a Delaware Corporation, Sidney Singer, Sidney Singer, Jr., and Stephen L. Singer, Defendants.

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

June 23, 1981.

Attorney(s) appearing for the Case

William Goldstein, New York City, for plaintiff.

Marshall, Bratter, Greene, Allison & Tucker, New York City, for defendants; Richard L. Bond, Joseph H. Adams, New York City, of counsel.

OPINION

TENNEY, District Judge.

The plaintiff, Leo Portnoy, charges the defendants with violations of section 16(b) of the Securities Exchange Act of 1934 (the "Act"), which prohibits corporate insiders from retaining any profits realized on short-swing investments in their company's securities. 15 U.S.C. § 78p(b). Portnoy urges the Court to disgorge the defendants' profits on a singular sale of stock warrants. Whether his complaint is viewed under...

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