Question: Plaintiff Simmonds alleged that the defendant investment banks violated Section
Plaintiff Simmonds alleged that the defendant investment banks violated Section 16(b) of the Securities Exchange Act by engaging in short-swing transactions with 54 defendant issuing companies. Simmonds asserted that the companies "engaged in improper research-related activities that were designed to inflate the market price of the shares and that these allegations establish that the Underwriters and Insiders acted as a group and coordinated their conduct with respect to acquiring the Issuing Companies' stock, holding the stock, and disposing of the stock to share in the profits gained." Thirty of the issuing companies (the moving issuers) argued that Simmond's claims of short-swing transactions were time-barred and that Simmonds failed to submit adequate demand letters to the com- panies before she filed suit against them. The district court granted the request of the moving issuers, "based on the inadequacy of Simmonds's demand letters." Simmonds appealed. The appellate court affirmed the district court's decision that Simmonds's demand letters to 30 of the issuing companies, the moving issuers, were inadequate. Do you agree with the ruling of the district court and appellate court? Why or why not?
Answer to relevant QuestionsJarold Daniel Friedman worked as a temporary computer contractor for a pharmaceutical warehouse. The warehouse offered him a permanent position, but the warehouse required that he get a mumps vaccine, grown in chicken ...The citizens of each state elect state court judges. The president, on the other hand, appoints federal court judges for lifetime positions. Why might this difference lead to different rulings on similar cases? Which ...Baxter Pharmacy paid its pharmacists a salary but no overtime pay. Under the Fair Labor Standards Act (FLSA), employers must pay employees overtime for hours worked in excess of 40 hours per week. Baxter Pharmacy believes ...What is the current amount of the federal minimum wage? When was the last time the federal minimum wage was increased? What are the elements of a deceptive advertisement, and how does the FTC prove an ad is deceptive?
Post your question