Shareholders with significant holdings in 1-800-Flowers won’t have a chance to persuade the US Supreme Court to review what injury is necessary to support an investor’s ability to sue over allegations that the major holders conducted short-swing trades.
Investor Brad Packer, suing on behalf of the company, alleged 1-800-Flowers.com shareholders Raging Capital Management LLC, Raging Capital Master Fund, Ltd., and their owner William C. Martin engaged in short-swing trading—or buying and selling the stock within six months. The US Court of Appeals for the Second Circuit revived Packer’s suit in June, saying he had standing to sue.
The Second ...
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