William ALPERN and Russell D. Miller, on Behalf of Themselves and All Others Similarly Situated, Appellants, v. UTILICORP UNITED, INC., Appellee
Court of Appeals for the Eighth Circuit
1Opinion of the Court
DIANA E. MURPHY, Circuit Judge.
William D. Alpern and Russell D. Miller filed this securities fraud suit against Utili-Corp United Inc. (UtiliCorp) on behalf of themselves and similarly situated stock purchasers. Employees of a second-tier subsidiary of UtiliCorp reportedly misappropriated some twenty-one million dollars beginning in September 1990. The misappropriations were not publicly revealed by UtiliCorp until June 1992, along with a $11.6 million charge against its second-quarter earnings and an anticipated $5.2 million loss. Alpern and Miller claim that UtiliCorp knew or should have…
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