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ROTH EX REL. BEACON POWER CORP. v. PERSEUS L.L.C.

Docket No. 06-3771-cv.

522 F.3d 242 (2008)

Andrew E. ROTH, derivatively on behalf of BEACON POWER CORPORATION, Plaintiff-Appellant, v. PERSEUS, L.L.C., Perseus Capital, L.L.C., Perseus 2000 Expansion, L.L.C., Perseus Investors Group, L.L.C., Frank H. Pearl, John Does Nos 1-20, and Beacon Power Corporation, Defendant-Appellees.

United States Court of Appeals, Second Circuit.

Decided: April 10, 2008.

Attorney(s) appearing for the Case

Glenn F. Ostrager, Ostrager Chong Flaherty & Broitman P.C., New york, N.Y. & Bragar Wexler & Eagel, P.C., New York, N.Y., for Appellant Andrew E. Roth.

Gerson A. Zweifach (George A. Borden, Rachel R. Shanahan, onthe brief), Williams & Connolly LLP, Washington, D.C., for Appellees Perseus, L.L.C., Perseus Capital, L.L.C., Perseus 2000 Expansion, L.L.C., Perseus Investors Group, L.L.C., Frank H. Pearl, John Does Nos 1-20, and Beacon Power Corporation.

Brian G. Cartwright (Alexander F. Cohen, Jacob H. Stillman, Allan A. Capute, on the brief), securities and Exchange Commission, Washington, D.C., Amicus Curiae in support of appellees.

Before: KATZMANN, B.D. PARKER, RAGGI, Circuit Judges.

BARRINGTON D. PARKER, Circuit Judge:

Section 16(b) of the securities exchange Act of 1934, 15 U.S.C. § 78p(b), imposes strict liability on insiders, such as directors and holders of more than 10% of a company's securities, who realize short-swing profits. The supreme court has construed § 16(b) to reach directors by deputization, shareholders who exercise the power to appoint directors to the board of an issuer. See Blau v. Lehman,

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