Polakoff v. Delaware Steeplechase and Race Ass'n

BARTELS, District Judge. *

Plaintiffs’ original action was in the form of a class action, pursuant to old Rule 23(a), Fed.Rules Civ.Proc., 28 TJ.S.C.A., for the rescission of the sale of certain shares of stock of The Delaware Steeplechase and Race Association (Steeplechase) and also for the rescission of a subsequent Delaware short-form merger, alleging a violation of Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C.A. § 78j (b), and Rule 10b-5 of the Securities and Exchange Commission promulgated thereunder, 17 CFR § 240.10b-5. The complaint was dismissed as a true class action…