Urban Outfitters Chair Sued Over Short Swing Profits

Law360, New York (January 24, 2011, 2:37 PM EST) -- An Urban Outfitters Inc. shareholder has sued the clothing retailer and Chairman Richard Hayne, claiming $5.28 million in so-called short swing stock profits that he garnered should have been returned to the company.

Named plaintiff Donna Chechele says the Urban Outfitters chairman and co-founder violated securities laws by keeping profits he made from purchasing and selling company shares within a six-month period, according to a complaint filed Friday in the U.S. District Court for the Eastern District of Pennsylvania.

In June 2004 Hayne agreed to a...
To view the full article, register now.