Luminar Shareholder Loses Bid to Revive Short-Swing Profit Suit

An investor who’s lost a series of legal battles over whether companies can collect profits from certain stock trades in a short time period lost his chance to reopen a lawsuit against the former CEO of Luminar Technologies Inc.

The US Court of Appeals for the Eleventh Circuit said Monday that it would “join every other federal court that has addressed Roth’s claim” in holding that a securities law provision doesn’t allow a company issuing stock to recover profits earned by a beneficial owner or corporate leader after the issuer buys back its own shares. The three-judge panel affirmed ...