Key Claim Tossed In SEC's Case Against Gryphon

Law360, New York (January 2, 2008, 12:00 AM EST) -- In a setback for the U.S. Securities and Exchange Commission's crusade against certain types of short-selling, a federal judge has thrown out the main claim in the agency's lawsuit against a hedge fund manager accused of selling short shares obtained in private investment in public equity transactions.

In an opinion handed down on Tuesday, Judge Sidney Stein of the U.S. District Court for the Southern District of New York dismissed the SEC's claim that Gryphon Partners LP fund manager Edwin Buchanan Lyon IV used shares purchased...
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