PIPE Funds Liable For Short-Swing Profits: 2nd Circ.

Law360, New York (January 20, 2012, 5:45 PM EST) -- The Second Circuit on Friday affirmed a ruling that two funds that make private investments in public equity were liable for short-swing profits in a suit brought by a shareholder over purchases of shares in wireless communications company WPCS International Inc.

A three-judge panel agreed with a New York federal court that Special Situations Fund III QP LP and Special Situations Private Equity Fund LP were beneficial owners of WPCS under the Securities Exchange Act and were liable to the company for the short-swing profits they...
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