The CEO of Luminar Technologies Inc., who owned 10% or more of the company’s common stock and profited from trading the stock in a short time frame, should disgorge his profits, a shareholder says in a new lawsuit.
Austin Russell sold and repurchased shares, profiting nearly $24 million, Andrew Roth says in his complaint filed Thursday in the US District Court for the Middle District of Florida.
Roth is suing under a Securities Exchange Act provision — Section 16(b) — that holds liable directors, officers, and principal stockholders who profit from short-swing trading in their companies.
In addition to Russell’s ...
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