2nd Circuit Finds Investment Manager Exempt From Short-Swing Profit Violation

( September 3, 2025, 10:18 AM EDT) -- NEW YORK — A Second Circuit U.S. Court of Appeals panel found that an investment manager, its client fund and its chief investment officer who served on a biotech company’s board of directors did not engage in an illegal short-swing transaction when they obtained an $87 million profit from selling its stock in the biotech company because the company’s board had approved the sale in advance....