News & Analysis as of September 18, 2024

Securities Exchange Act › Rule 16b-3

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The Securities Exchance Act is a United States federal statute enacted in 1934 to govern the secondary securities trading market. In addition, the Securities Exchange Act established the Securities and Exchange... more +

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California Says Corporations And LLCs Can't Be Directors; The Securities Exchange Act Apparently Believes Otherwise

Allen Matkins on 11/16/2023

Nine years ago, I posed the question of whether the California General Corporation Law permits corporations to serve as directors. My answer at the time was "no" because Section 164 of the Corporations Code defines...more

District Court Dismisses Shareholder Claim that Equity Award Share Withholding Triggers Section 16(b) Liability - Update

McDermott Will & Emery on 6/19/2017

A US District Court recently dismissed a claim that an insider’s election to satisfy an income tax obligation by having shares withheld from the delivery of an award constituted a non-exempt sale of shares back to the issuer...more

District Court Dismisses Shareholder Claim that Equity Award Share Withholding Triggers Section 16(b) Liability

McDermott Will & Emery on 6/9/2017

On April 26, 2017, the United States District Court for the Southern District of Texas dismissed a claim based on a shareholder’s interpretation of SEC Rule 16b-3(e), that an insider’s elective share withholding constitutes a...more

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Securities Exchange Act › Rule 16b-3

California Says Corporations And LLCs Can't Be Directors; The Securities Exchange Act Apparently Believes Otherwise

District Court Dismisses Shareholder Claim that Equity Award Share Withholding Triggers Section 16(b) Liability - Update

District Court Dismisses Shareholder Claim that Equity Award Share Withholding Triggers Section 16(b) Liability

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