Dismissal of short-swing profits action affirmed. Dismissal of a complaint seeking disgorgement of short-swing profits was affirmed by the US Court of Appeals for the Second Circuit. Defendant allegedly was required by Section 16(b) of the Securities Exchange Act and Rule 16b-6(d) to disgorge short-swing profits derived from writing call options on stock. Adopting the SEC’s interpretation, the Court held that for purposes of Section 16(b), the expiration of a call option within six months of its writing is a deemed purchase by the option writer, to be matched against the sale deemed to occur when that option was written. Dismissal of the complaint was proper, however, because defendant was not an insider at the time of both the purchase and sale, as required by Section 16(b). Defendant was a statutory insider only when the options were written (the deemed sale), not when they expired (the deemed purchase). (1/29/2014) Roth v. The Goldman, Sachs Group, Inc.