Donald I. LAVENTHALL, Appellant, v. GENERAL DYNAMICS CORPORATION, Appellee

LAY, Chief Judge.

This is an appeal from the summary dismissal of plaintiff’s complaint in an action alleging violations of section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b) (1976), and rule 10b-5 of the Securities and Exchange Commission (SEC), 17 C.F.R. § 240.10b-5 (1982). Donald Laventhall was the purchaser of call options that gave him the right to purchase 1000 shares of common stock in General Dynamics Corporation from October 13,1978, to February 17,1979. Without disclosing a pending declaration of a cash dividend, General Dynamics purchased 157,500 shares of its…