By  on June 8, 2009

A Long Island lawyer with a history of suing corporate figures under a federal law barring “short-swing profits” has brought a complaint against William Ackman for allegedly violating the regulation during his proxy fight with Target Corp.

The Securities and Exchange Commission rule bars company insiders from profiting from the purchase and sale of stock within a six-month window. Officers, directors and investors with stakes larger than 10 percent qualify as company insiders under the law, which is meant to prevent short-term gains by those privy to company information.

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