Defendants Tell 2nd Circuit They Are Not Subject To Section 16(b) Liability

(December 13, 2019, 1:37 PM EST) -- NEW YORK — A federal district court erred in denying a summary judgment motion filed by defendants in a shareholder derivative lawsuit alleging that they violated federal securities law reporting requirements as beneficial owners of more than 10 percent of a company’s stock because they were not subject to liability under Section 16(b) of the Securities Exchange Act of 1934, the defendants argue in a Dec. 10 appellant brief filed in the Second Circuit U.S. Court of Appeals (Brad Packer v. Raging Capital Management LLC, et al., No. 19-2703, 2nd Cir.)....