Mealey's (August 30, 2018, 1:59 PM EDT) -- NEW YORK — Following the plain meaning of Title 17 of Code of Federal Regulations Section 240.16b-6(d), a federal district court did not err in ruling that defendants in a shareholder derivative lawsuit were no longer corporate insiders and, thus, not required to disgorge their profits obtained when the options expired because their exercise of certain put options reduced their ownership stake in the stock below the statutory threshold for liability, a Second Circuit U.S. Court of Appeals panel ruled in affirming on Aug. 27 (John Olagues, et al. v. Perceptive Advisors LLC, et al., No. 17-2703, 2nd Cir., 2018 U.S. App. LEXIS 24161)....