Fed. Sec. L. Rep. P 92,072 Harry Lewis v. William H. McAdam Sears, Roebuck and Co., and Sears Development Corporation

OPINION

Appeal from the United States District Court for the Central District of California.

Before KENNEDY and ALARCON, Circuit Judges, and SOLOMON, * District Judge. PER CURIAM:

The appeal before us raises two questions we have not previously addressed: first, whether an issuer corporation’s cause of action against one of its directors survives after the corporation is extinguished by merger; and second, whether an individual who did not own stock in the issuer or in the surviving corporation, but who is a shareholder of the parent of the surviving corporation, has standing to initiate an…