Rothman v. Gould

FRANKEL, District Judge.

The plaintiff, represented by skilled and experienced counsel, sued under the Securities Exchange Act of 1934 claiming damages from transactions in the stock of Gale Industries, Inc., because of a variety of manipulative and deceptive devices allegedly employed by various of the defendants. Among his claimed losses plaintiff included some incurred in short sales of Gale stock. A second count of his complaint undertook to plead the cause as a class action “on behalf of all persons similarly situated who were ‘short’ or who are ‘short’ of Gale stock or who have been…