Plant Industries, Inc. v. Bregman

MEMORANDUM OPINION

EDWARD WEINFELD, District Judge.

Plant Industries, Inc. (“Plant”) commenced this action against individual defendants who were soliciting proxies for the election of six out of a total of nine directors in an effort to oust the existing management of Plant, alleging violations by defendants of section 14(a) of the Securities Exchange Act of 1934 and the proxy rules promulgated thereunder. The action was not derivative but was brought directly by the corporation. A motion for a preliminary injunction was denied.1 The election was held and the defendants won, as they sought,…