Foremost-McKeeson, Inc. v. Provident Securities Co.

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• holding that “in a purchase-sale sequence, a beneficial owner must account for profits only if he was a beneficial owner ‘before the purchase’”
• noting that because Section 16(b) imposes strict liability it should be narrowly construed
• explaining that because section 16(b) “imposes liability without fault within its narrowly drawn limits . . . [i]t is inappropriate to reach the harsh result of imposing [section] 16(b
• noting that § 16(b) “imposes liability without fault within its narrowlydrawn limits”
• underwriting was subject only to usual conditions precedent and only substantial condition precedent to closing was satisfied as of date the agreement was executed
• short-swing profit rule applies to profits realized from “a pair” of securities transactions

Source: CourtListener parenthetical corpus (CC0).