Opinion ID: 778512
Heading Depth: 2
Heading Rank: 1

Heading: Acquisition of Issuer Equity Securities From the Issuer

Text: 19 Here, all of the individual defendants received Shire stock options as part of the Merger. Although each option only gave its holder the right to receive from Shire a predetermined number of shares of Shire stock, for purposes of the rules promulgated under Section 16(b) the acquisition of a securities option is deemed to be equivalent to the acquisition of the security underlying that option. See Ownership Reports & Trading by Officers, Dirs. & Principal Sec. Holders, Exchange Act Release No. 28,869 [1990-1991 Transfer Binder], Fed. Sec. L. Rep. (CCH) ¶ 84,709, at 81,258 (Feb. 21, 1991) [hereinafter 1991 Release].