Saunders v. Jim Emes Petroleum Co.

MEMORANDUM OPINION

BLOCH, District Judge.

This action is a consolidation of two complex securities cases. In the first action, Civil Action No. 82-2057, 24 individual plaintiffs (12 couples) sue defendant Jim Ernes Petroleum Company, Inc. (hereinafter referred to as “Jim Ernes”), pursuant to the Securities Act of 1933, 15 U.S.C. § 77a, et seq., the Securities Exchange Act of 1934, 15 U.S.C. § 78a, et seq., the Pennsylvania Securities Act of 1972, 70 P.S. § 1-101, et seq., and common law.1 The plaintiffs claim that they were induced into vesting in the exploration and production of natural gas…