Branson v. Exide Electronics Corp.

HOLLAND, Justice:

On May 3, 1990, the plaintiff-appellant, Bernard M. Branson (“Branson”), on behalf of himself and all others similarly situated, filed a class action complaint (the “complaint”) against Exide Electronics Corporation (“Exide”), its Board of Directors (the “individual defendants"), and the underwriters of Exide’s initial public offering (collectively the “defendants”). The complaint alleges that defendants violated Sections 11 and 12 of the Securities Act of 1933, by disseminating a materially misleading registration statement and prospectus (the “Prospectus”) in connection…