Legal Opinion
McCloskey v. McCloskey
District Court, E.D. Pennsylvania
Decided May 1, 1978No. Civ. A. 75-3014PublishedCited by 9 opinions
1Opinion of the Court
OPINION AND ORDER
FOGEL, District Judge.
This case presents the following two issues of first impression with respect to the “purchase or sale” standing requirement of Section 10(b) of the 1934 Securities Exchange Act, 15 U.S.C. § 78j(b) 1 and Rule 10b-5 2 promulgated thereunder:
1) Is an exchange of shares for voting trust certificates a “purchase or sale”?
2) Is a shareholder agreement granting a corporation the right of first refusal a “purchase or sale”? 3
Our answer to the first question is no and to the second question is yes; accordingly, defendants’ motion to dismiss, or in the…
2Cases cited20 opinions
- Adickes v. S. H. Kress & Co.Supreme Court of the United States · 1970
- United States v. Diebold, Inc.Supreme Court of the United States · 1962
- Blue Chip Stamps v. Manor Drug StoresSupreme Court of the United States · 1975
- Superintendent of Insurance of New York v. Bankers Life & Casualty Co.Supreme Court of the United States · 1971
- Sartor v. Arkansas Natural Gas Corp.Supreme Court of the United States · 1944
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3Cited by9 opinions
- Stitt v. WilliamsCourt of Appeals for the Ninth Circuit · 1990
- Fed. Sec. L. Rep. P 98,786 Prescott H. Rathborne v. J. Cornelius RathborneCourt of Appeals for the Fifth Circuit · 1982
- Engl Ex Rel. Plymouth Plaza Associates v. BergDistrict Court, E.D. Pennsylvania · 1981
- Watts v. Des Moines Register and TribuneDistrict Court, S.D. Iowa · 1981
- Disher v. FulgoniAppellate Court of Illinois · 1987
4 more not listed; retrieve them via the Exa API.