Under §16(b) of the Securities Exchange Act of 1934, a corporation orsecurity holder of that corporation may sue corporate insiders who realize profits from the purchase and sale, or sale and purchase, of the corporation’s securities within any 6-month period. The Act provides that such suits must be brought within “two years after thedate such profit was realized.” 15 U. S. C. §78p(b).In 2007, respondent Simmonds filed numerous §16(b) actions,claiming that, in underwriting various initial public offerings in the late 1990’s and 2000, petitioners and others inflated the stocks’ aftermarket prices, allowing them to profit from the aftermarket also.
