Capital Management Firm Says District Court Finding Does Not Narrow Securities Law

(October 6, 2023, 7:12 AM EDT) -- NEW YORK — A federal magistrate judge in New York was right to find that a shareholder lacked standing to file his shareholder derivative complaint seeking disgorgement of short-swing profits earned by a capital management company that owned more than a 10% stake in 1-800-Flowers.com, the capital management company argues in a brief before the Second Circuit U.S. Court of Appeals by the capital management company and contrary to the arguments in filings from the shareholder and the Securities and Exchange Commission as an amicus curiae....