Norton v. Leadville Corp.

PIERCE, Judge.

Plaintiffs appeal the granting of defendant Leadville Corporation’s motion for summary judgment in plaintiffs’ action for violations of federal and state securities laws and for common law fraud. We affirm in part and reverse in part.

From 1971 to 1974 plaintiffs acquired in excess of 160,000 shares of stock in Lead-ville. As a result of these acquisitions and loans made by plaintiffs to Leadville, plaintiff Charles Norton was elected to Lead-ville’s board of directors in July 1972. In August 1973, Leadville’s attorneys resigned, citing as the reason Leadville’s failure “to meet…