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The full case caption appears at the end of this opinion.

Mark Feder appeals from Judge Owen’s dismissal of his complaint, which alleged a violation of Section 16(b) of the Securities Exchange Act of 1934, 15 U.S.C.78p(b). Feder is a shareholder of IVAX Corporation and brought the suit derivatively on its behalf. His complaint alleged that appellee Philip Frost is a statutoryinsider of IVAX and that Frost and Frost-Nevada Limited Partnership (“FNLP”), a firm controlled by Frost, are controlling shareholders of North AmericanVaccine, Inc. (“NAVI”). He claims that Frost/FNLP must disgorge short-swing profits under Section 16(b) as a result of sales by NAVI of IVAX common stockand purchases by Frost/FNLP of IVAX stock.

 
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