Brooks v. American Export Industries, Inc.

PIERCE, District Judge.

OPINION AND ORDER

This is a consolidated shareholders’ derivative action and shareholders’ class action brought by stockholders of defendant American Export Industries (“AEI”) pursuant to 15 U.S.C. §§ 77v (a) and 78aa et seq. Plaintiffs seek to set aside a management contract whereby AEI’s subsidiary, defendant National Equipment Rental, Ltd. (“NER”) was to be managed by defendant Canberra Management Corporation (“Canberra”). Plaintiffs also attack the subsequent sale of NER by AEI to defendant North American Car Corporation (“NAC”), alleging that the consideration…