A. P. Smith Manufacturing Co. v. United States

How later courts describe this case

• holding that “overriding purpose” of § 16(b) is to make it “unprofitable for insiders to engage in short-swing speculation.”
• conversion of preferred stock into common stock found not to constitute a sale of the preferred stock
• “[W]hen proof establishes a factual situation which would just as well justify defendants’ conduct as to lead to an inference of conspiracy, then plaintiff has failed to carry her burden.”
• appellants as private persons were incapable of violating the substantive statute requiring action under “color of law,” but they could be found guilty of aiding and abetting a violation of that statute by an individual acting under “color of law”
• teacher may not be terminated without due process
• Id. teacher whose contract was not renewed
• Certified drug MER-29 proves to cause cataracts.