Fed. Sec. L. Rep. P 97,192 Alabama Farm Bureau Mutual Casualty Company, Inc., Etc. v. American Fidelity Life Insurance Company, Etc.

ALVIN B. RUBIN, Circuit Judge:

The plaintiffs in this stockholders’ derivative action seek to recover for alleged violations of Rules 10b-5, 17 C.F.R. § 240.-10b-5 (1976), and 14a-9, 17 C.F.R. § 240.-14a-9 (1976) of the Securities and Exchange Commission, and corresponding provisions of the Securities and Exchange Act of 1934, 15 U.S.C. §§ 78j(b), 78n(a), in the course of a stock repurchase program instituted by the defendants in 1974 and 1975. Finding certain facts to be undisputed, the district court granted summary judgment for the defendants on the basis that: (1) Rule 10b-5 was not…