The text of Sections 16(a) and 16(b) of the Securities Exchange Act of 1934 are relatively short and appear straightforward, they contain many traps for the unwary that can result in substantial liability for directors, officers, and principal shareholders.
In the following presentation, Baker Botts partners Hillary Holmes and Tom O'Brien present an overview of Section 16 reporting and liability. The overview includes a discussion of Section 16(a) reporting requirements, liability under Section 16(b) for short-swing trading profits, traps the unwary, recent enforcement and litigation developments, and practical tips.
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