PACKER v. RAGING CAPITAL MANAGEMENT, LLC

Docket Nos. 19-2703, 19-2852 August Term 2020.

981 F.3d 148 (2020)

Brad PACKER, derivatively on behalf of 1-800-Flowers.com, Inc., Plaintiff-Appellee-Cross-Appellant, v. RAGING CAPITAL MANAGEMENT, LLC, Raging Capital Master Fund, Ltd., William C. Martin, Defendants-Appellants-Cross-Appellees, 1-800-Flowers.com, Inc., Defendant.

United States Court of Appeals, Second Circuit.

Decided: November 23, 2020.


Attorney(s) appearing for the Case

Thomas J. Fleming , Olsham Frome Wolosky LLP, New York, NY ( Martin D. Edel , Goulston & Storrs P.C., New York, NY, David M. Zucker , Goulston & Storrs P.C., Boston, MA, on the brief), for Defendants-Appellants-Cross-Appellees William C. Martin, Raging Capital Master Fund, Ltd., and Raging Capital Management, LLC.

Paul D. Wexler , New York, NY ( Glenn F. Ostrager , Joshua S. Broitman , Roberto L. Gomez , Ostrager Chong Flaherty & Broitman P.C., New York, NY, on the brief), for Plaintiff-Appellee-Cross-Appellant Brad Packer.

( Douglas A. Rappaport , Akin Gump Strauss Hauer & Feld LLP, New York, NY, Z. W. Julius Chen , Akin Gump Strauss Hauer & Feld LLP, Washington, DC, Alan L. Dye , Hogan Lovells US LLP, Washington, DC, for amicus curiae Managed Funds Association, in support of Defendants-Appellants-Cross-Appellees.)

Before: NEWMAN, POOLER Circuit Judges.


The issue on this appeal is whether the customer of a regulated investment advisor was the beneficial owner of more than ten percent of the shares of 1-800-Flowers.com, Inc. ("Flowers"), which were bought and sold within an interval of six months2 ("trading period"), a transaction for which...

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