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LESS v. LURIE

No. 85-1857.

789 F.2d 624 (1986)

John W. LESS, John R. Less, Thomas J. Barta, Barry Faintich, Kenneth A. Goldberg, W. Alfred Hayes, Jr., Thomas C. Hullverson, Thomas Kolbrenner, Michael K. Lazeroff, W. Stanley Walch, John F. Buck, Appellants, v. Ronald U. LURIE; Jernigan Oil Corporation; Steve Jernigan, as Statutory Trustee for Jernigan Oil Corporation; Brad Jernigan, as Statutory Trustee for Jernigan Oil Corporation, Appellees.

United States Court of Appeals, Eighth Circuit.

Decided April 28, 1986.

Attorney(s) appearing for the Case

Alan Kimbrell, St. Louis, Mo., for appellants.

Richard F. Huck, III, and Michael A. Fisher, St. Louis, Mo., for appellees.

Before ARNOLD, Circuit Judge, BRIGHT, Senior Circuit Judge, and WOLLMAN, Circuit Judge.

ARNOLD, Circuit Judge.

The plaintiffs in this action allege that the antifraud provisions of the Securities Act of 1933, 15 U.S.C. § 77(q), and Securities and Exchange Commission Rule 10b-5, implementing Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), were violated when defendant Ronald U. Lurie persuaded them to form a partnership for the purpose of investing in an oil drilling program of the now-dissolved Jernigan Oil Corporation...

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