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STRAUSS v. AMERICAN HOLDINGS, INC.

95 Civ. 1740 (LAK).

902 F.Supp. 475 (1995)

Jeffrey T. STRAUSS, derivatively on behalf of SERVICO, INC., Plaintiff, v. AMERICAN HOLDINGS, INC., et al., Defendants.

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

November 2, 1995.

Attorney(s) appearing for the Case

Paul D. Wexler, Bragar & Wexler, P.C., Glenn F. Ostrager, Ostrager Chong & Flaherty, New York City, for plaintiff.

Marshall H. Fishman, Jennifer A. Coen, Rosenman & Colin, New York City, for defendants.

KAPLAN, District Judge.

Section 16(b) of the Securities Exchange Act of 1934 (the "Exchange Act"), U.S.C. § 78p, requires the disgorgement of trading profits made within a six month period by beneficial owners of more than ten percent of the securities of the issuer of the traded security. This case presents novel issues concerning this aspect of the statute. The matter is before the Court on defendants' motion to dismiss the complaint.

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