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Corporations Keyed to Hazen
Feder v. Martin Marietta Corp.
Citation:
406 F.2d 260 (2d Cir. 1969)Facts
Plaintiff, a stockholder of Sperry Rand Corporation after having made the requisite demand upon Sperry which was not complied with, commenced this action pursuant to the Securities and Exchange Act of 1934, to recover for Sperry short-swing profits realized upon Sperry stock purchases and sales by the Martin Marietta Corporation. Plaintiff alleged that George M. Bunker, the President and Chief Executive of Martin Marietta, was deputized by, or represented, Martin Marietta when he served as a member of the Sperry Rand Board of Directors and therefore during his membership Martin Marietta was a director of Sperry Rand.
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