Resnik v. Swartz Book Reviews

Resnik v. Swartz by Second Circuit U.S. Court Of Appeals Book Summary

Argued March 8, 2002 Affirmed. Plaintiff-appellant Herbert Resnik appeals from a final judgment of the United States District Court for the Southern District of New York (McKenna, J.) granting defendants-appellees' motion to dismiss the complaint for failure to state a claim upon which relief can be granted. Resnik, a shareholder of defendant Symbol Technologies, Inc. (""Symbol""), brought this action against Symbol and its directors, asserting claims under section 14(a) of the Securities Exchange Act of 1934 (""the Exchange Act""), 15 U.S.C. § 78n(a), and Rule 14a-9 promulgated thereunder, 17 C.F.R. § 240.14a-9. Resnik alleged that Symbol's proxy statement of March 15, 2000 (""the proxy statement"") was materially misleading because it did not disclose the grant-date value of stock options proposed to be awarded to Symbol's non-employee directors. The district court granted defendants' motion to dismiss, concluding that defendants were not obligated to disclose the grant-date value of the options. For the reasons set forth below, we affirm.

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