Clarus Files Lawsuit Against HAP Trading and Harsh A. Padia For Recovery of Short-Swing Profits
Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a global company focused on the outdoor and consumer enthusiast markets, announced today that it has filed a lawsuit in the U.S. District Court for the Southern District of New York against HAP Trading, LLC and Mr. Harsh A. Padia to seek to disgorge profits from transactions in Clarus common stock and related derivative securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended
SALT LAKE CITY, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Clarus Corporation (NASDAQ: CLAR) (“Clarus” and/or the “Company”), a global company focused on the outdoor and consumer enthusiast markets, announced today that it has filed a lawsuit in the U.S. District Court for the Southern District of New York against HAP Trading, LLC and Mr. Harsh A. Padia to seek to disgorge profits from transactions in Clarus common stock and related derivative securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended.
Section 16(b) requires beneficial owners of more than 10% of an issuer’s securities to return to the issuer any profits resulting from matching the highest sales price against the lowest purchase price during any six-month period, subject to certain exceptions.
A copy of the complaint filed in this lawsuit can be found at the following link: https://www.claruscorp.com/legal-filings
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