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GRIGGS v. PACE AMERICAN GROUP, INC.

No. 97-16619.

170 F.3d 877 (1999)

H. James GRIGGS, on behalf of himself and all others similarly situated, Plaintiff-Appellant, v. PACE AMERICAN GROUP, INC., Defendant, and Coopers & Lybrand, L.L.P., Defendant-Appellee.

United States Court of Appeals, Ninth Circuit.

Decided March 12, 1999.

Attorney(s) appearing for the Case

Brian R. Strange, Strange & Hoey, Los Angeles, California, for plaintiff-appellant H. James Griggs.

Robert J. Gibson, Snell & Wilmer, Irvine, California, for defendant-appellee Coopers & Lybrand, L.L.P.

Before: RUGGERO J. ALDISERT, HERBERT Y.C. CHOY, and STEPHEN S. TROTT, Circuit Judges.

CHOY, Circuit Judge:

In this case, we examine the issue of whether a former shareholder who exchanges his stock for contingent rights to receive stock, has standing to sue as a purchaser of stock for purposes of § 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5. Exercising our jurisdiction under 28 U.S.C. § 1291, we determine that standing does exist under such circumstances. We therefore reverse the decision of the district court and remand...

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