Company CEO and founder Smulyan, with some financial backing from Emmis, was already suing former backer Alden Global Capital for breach of contract in relation to his attempted buyout of the company last year. Alden then disputed Emmis' $200,000 support for Smulyan's legal action against it. Now in a suit filed in federal court in New York on Monday, Emmis sues Alden and its principal Randall Smith, alleging improper stock trading behavior last Spring. The company claims that Smith violated the SEC rules about "short-swing profits" in February, March and April 2010, when it engaged in transactions known as cash-settled equity swap agreements.