2nd Circ. Upholds Dismissal Of Hearst Short-Sale Suit
The U.S. Court of Appeals for the Second Circuit on Wednesday upheld a lower court decision finding that Hearst was not an insider at the time of the transaction, clearing the company of liability under Section 16(b) of the Securities Exchange Act.
The lawsuit, filed in 2007, hinged on whether Hearst's ownership in Local.com had...
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