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Board Approval Exemption

The following summaries are of recent published decisions of the California appellate courts, the Ninth Circuit, and the United States Supreme Court. The summaries are presented without regard to whether Severson & Werson represented a party in the case.

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Roth v. Foris Ventures L.L.C. (9th Cir. 2023) 2023 WL 7482641

Under section 16(b) of the Securities Exchange Act, a securities issuer may recover from a director or officer short swing profits made from purchase and sale of the issuer's securities within a six month period.  However, under 17 CFR 240.16b-3(d)(1), transactions between an issuer and its directors or officers are exempted if approved by the issuer's board of directors.  This… Read More