Pellegrino v. Nesbit’s Empirical Analysis
203 F.2d 463 · 1953
Citation profile
55 federal appellate · 4 district · 12 state decisions
How this case has been cited
Cited by 102 later decisions (2 by the Supreme Court) — most recently December 2021 · most notably United Airlines, Inc. v. McDonald (1977), Cascade Natural Gas Corporation v. El Paso Natural Gas Co People of State of California (1967)
55 federal appellate · 4 district · 12 state decisions — followed in 10 states
Later decisions citing this case, by decade. The current decade is in progress, and our corpus holds fewer opinions from the most recent years, so the latest bars are undercounted — not a real decline.
Relationships
Applies 15 U.S.C. § 78P (§ 16 of the Securities Exchange Act of 1934) · 28 U.S.C. § 4
Relies on Winters v. People of State of New York · Brooklyn Sav Bank v. O'Neil Dize · Brotherhood of Railroad Trainmen v. Baltimore & Ohio Railroad · Dickinson v. Petroleum Conversion Corp. · Young v. Higbee Co.
Most-quoted passages
The sentences later courts lift from this opinion, ranked by how many decisions quote each — the parts of the opinion doing the work. These counts are smaller than the citation total above because most of the 102 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
““(a) Intervention of Right. Upon timely application anyone shall be permitted to intervene in an action: * * * (2) when the representation of the applicant’s interest by existing parties is or may be inadequate and the applicant is or may be bound by a judgment in the action * * *. “(b) Permissive Intervention. Upon timely application anyone may be permitted to intervene in an action: * * * (2) when an applicant’s claim or defense and the main action have a question of law or fact in common. * * * In exercising its discretion the court shall consider whether the intervention will unduly delay or prejudice the adjudication of the rights of the original parties.””
2 later decisions quote this exact passage · from the majority“Section 16(b) establishes a statutory policy intended to prevent the abusive practices which were found to result from short-swing insider trading of securities, practices which are harmful both to the other stockholders and to the general public. See Sen.Rep. No. 1455, 73d Cong., 2d Sess. (1934). To the extent the statute is intended to protect the public from market fluctuations intentionally caused by or within the prior knowledge of corporate insiders seeking short-swing profits, the plaintiff in a § 16(b) suit is merely an instrument for effectuating the statutory policy. The statute states that where an issuer fails to bring suit within sixty days after request or fails diligently to prosecute the same thereafter `the owner of any security of the issuers' (italics ours) may institute suit. Such suit is `in behalf of the issuer' rather than for the personal benefit of the stockholder plaintiff. Thus the stockholder need not have owned stock at the time the transaction of which he complains took place. Benisch v. Cameron, D.C.S.D.N.Y.1948, 81 F.Supp. 882. * * *”
1 later decision quote this exact passage · from the majority““Suit to recover such profit may be instituted * * * by the owner of any security of the issuer in the name and in behalf of the issuer if the issuer shall fail or refuse to bring such suit within sixty days after request or shall fail diligently to prosecute the same thereafter; * * *.” (Emphasis added)”
1 later decision quote this exact passage · from the majority
How this case has been treated — in progress
Whether each later court followed, distinguished, criticized, or overruled this decision. The treatment classification (task #35) runs highest-cited cases first and lights up here as it reaches this one.