Legal Opinion
Thomas v. Duralite Co.
Court of Appeals for the Third Circuit
Decided October 8, 1975No. Nos. 75-1044 to 75-1046PublishedCited by 54 opinions
1Opinion of the Court
OPINION OF THE COURT
WEIS, Circuit Judge.
The sale of stock in a closely held corporation, induced by misrepresentation and nondisclosure of material information, is the basis of this 10b-5 suit. We conclude that inaccurate statements about the lack of improvement in the financial health of the corporation and failure to reveal nascent negotiations for acquisition establish liability. However, a damage award which amounts to an overly generous windfall must be remanded for further consideration.
In 1949, plaintiff Morton Thomas and defendant Bertram Lesser formed the Duralite Corporation to…
2Cases cited19 opinions
- Blue Chip Stamps v. Manor Drug StoresSupreme Court of the United States · 1975
- Affiliated Ute Citizens of Utah v. United StatesSupreme Court of the United States · 1972
- Birnbaum v. Newport Steel Corp.Court of Appeals for the Second Circuit · 1952
- Alexander Kahan, on Behalf of Himself and All Others Similarly Situated v. Lewis RosenstielCourt of Appeals for the Third Circuit · 1970
- Landy v. Federal Deposit InsuranceSupreme Court of the United States · 1974
14 more not listed; retrieve them via the Exa API.
3Cited by54 opinions
- Fed. Sec. L. Rep. P 97,357 Marbury Management, Inc., and Harry Bader, Plaintiffs-Appellants-Appellees v. Alfred Kohn, and Wood, Walker & Co.Court of Appeals for the Second Circuit · 1980
- SHARP, Stanley L. v. COOPERS & LYBRAND, AppellantCourt of Appeals for the Third Circuit · 1981
- Fed. Sec. L. Rep. P 96,048 Milton E. Dupuy v. Clarence O. Dupuy, Jr.Court of Appeals for the Fifth Circuit · 1977
- James S. Jordan, Cross-Appellee v. Duff and Phelps, Inc., Claire v. Hansen, and Francis E. Jeffries, Defendants- Cross-AppellantsCourt of Appeals for the Seventh Circuit · 1987
- McLean v. AlexanderCourt of Appeals for the Third Circuit · 1979
49 more not listed; retrieve them via the Exa API.