Securities Case Against Urban Outfitters Head Survives

Law360, New York (June 20, 2011, 8:35 PM EDT) -- A Pennsylvania federal judge on Monday kept alive a suit accusing Urban Outfitters Inc.'s Chairman Richard Hayne of illegally reaping $5.28 million in so-called short swing stock profits on a quick sale.

U.S. District Judge Paul S. Diamond refused to dismiss the suit against Hayne, brought by a shareholder who contends the profits should be returned under securities laws that make it illegal for company insiders buy and sell their company's stock within a six-month period.

“Plaintiff has pled all the elements of a Section 16(b)...
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