Olagues v. Icahn, No. 16-1255 (2d Cir. 2017)
Annotate this CasePlaintiff, a shareholder in three public companies, filed suit seeking disgorgement of "short-swing" profits under Section 16(b) of the Securities Exchange Act of 1934, 15 U.S.C. 78p(b), from investment entities controlled by Carl C. Icahn. The district court dismissed plaintiff's actions on behalf of the companies under Rule 12(b)(6). The Second Circuit affirmed the dismissal, holding that plaintiff has not plausibly alleged that Icahn failed to disgorge all of the premiums received for writing (selling) the put options. In this case, the complaint did not state a claim for relief because it relied exclusively on comparisons to options traded on the open market that have no meaningful similarities to the options at issue here.
Some case metadata and case summaries were written with the help of AI, which can produce inaccuracies. You should read the full case before relying on it for legal research purposes.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.