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GRAHAM v. ALLIS-CHALMERS MANUFACTURING COMPANY

182 A.2d 328 (1962)

John P. GRAHAM and Yvonne M. Graham, on Behalf of Themselves and the Other Shareholders of Allis-Chalmers Manufacturing Company Who May be Entitled to Intervene Herein, Plaintiffs, v. ALLIS-CHALMERS MANUFACTURING COMPANY, and Fred Bohen, W. C. Buchanan, W. E. Buchanan, Hugh M. Comer, James D. Cunningham, D. A. Forward, Joel Hunter, Ernest Mahler, B. S. Oberlink, Louis Quarles, W. G. Scholl, J. L. Singleton, R. S. Stevenson, Howard J. Tobin, L. W. Long, Frank M. Nolan, David W. Webb and J. W. McMullen, Defendants.

Court of Chancery of Delaware, New Castle.

June 8, 1962.

Attorney(s) appearing for the Case

H. James Conaway, Jr., of Morford, Young & Conaway, Wilmington, and Harry Norman Ball and Marvin Katz, Philadelphia, Pa., for plaintiffs.

Richard F. Corroon, of Berl, Potter & Anderson, Wilmington, for corporate defendant.

George Tyler Coulson, of Morris, Nichols, Arsht & Tunnell, Wilmington, and Charles S. Quarles, of Quarles, Herriott & Clemons, Milwaukee, Wis., for appearing individual defendants.

MARVEL, Vice Chancellor.

Plaintiffs, who are stockholders of Allis-Chalmers Manufacturing Company, charge in their complaint that the individual defendants in their capacity as directors and officers of the defendant corporation "* * have violated the fiduciary duty which they owe, individually and as a group, to the Company and its shareholders by engaging in, conspiring with each other and with third parties to engage in and by authorizing the officers, agents and...

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