Midland Investment Co. v. Van Alstyne, Noel & Co.

MEMORANDUM

CROAKE, District Judge.

The above-entitled matter is a consolidation of four separate actions which were pending in this Court to recover money damages under § 10(b) of the Securities Exchange Act of 1934 and Rule 10(b) (5) of the Rules of the Securities and Exchange Commission. The complaint alleges that plaintiffs sold their shares of common stock in the Spiral Metal Company to defendants, who possessed material inside information as to the affairs of that company at the time of the sales.

The four “Midland Investment” actions were consolidated into the present action on September…