Legal Opinion
Fed. Sec. L. Rep. P 92,642 Kenneth Rekant on Behalf of Himself as an Individual, Etc. v. Arthur A. Desser
Court of Appeals for the Fifth Circuit
Decided April 20, 1970No. 25872PublishedCited by 90 opinions
1Opinion of the Court
WISDOM, Circuit Judge.
The plaintiff appeals from the district court’s dismissal of the complaint for failure to state a private “right of action under Sections 10(b) and 15(d) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j (b) and § 78o(d). We hold that the plaintiff has a derivative action under Section 10(b) 1 and Rule 10b-5 2 against the president of a corporation, directors, and co-conspirators who fraudulently caused the corporation to issue to the president and others in league with him treasury shares and a note for grossly inadequate consideration.
On August 17,. 1967, Kenneth…
2Cases cited27 opinions
- Securities and Exchange Commission v. W. J. Howey Co.Supreme Court of the United States · 1946
- J. I. Case Co. v. BorakSupreme Court of the United States · 1964
- Tcherepnin v. KnightSupreme Court of the United States · 1967
- Securities & Exchange Commission v. C. M. Joiner Leasing Corp.Supreme Court of the United States · 1943
- Birnbaum v. Newport Steel Corp.Court of Appeals for the Second Circuit · 1952
22 more not listed; retrieve them via the Exa API.
3Cited by90 opinions
- Blue Chip Stamps v. Manor Drug StoresSupreme Court of the United States · 1975
- Santa Fe Industries, Inc. v. GreenSupreme Court of the United States · 1977
- Fed. Sec. L. Rep. P 95,614 the Exchange National Bank of Chicago v. Touche Ross & Co.Court of Appeals for the Second Circuit · 1976
- Fed. Sec. L. Rep. P 95,351 Billie Jean Woodward v. Metro Bank of DallasCourt of Appeals for the Fifth Circuit · 1975
- Landry v. Federal Deposit Insurance CorporationCourt of Appeals for the Third Circuit · 1973
85 more not listed; retrieve them via the Exa API.