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STELLA v. GRAHAM-PAIGE MOTORS CORPORATION

No. 190, Docket 24655.

259 F.2d 476 (1958)

Michael STELLA, suing on his own behalf and on behalf of all other stockholders of Kaiser-Frazer Corporation similarly situated, Plaintiff-Appellant, v. GRAHAM-PAIGE MOTORS CORPORATION and Kaiser-Frazer Corporation, Defendants-Appellees.

United States Court of Appeals Second Circuit.

Decided September 26, 1958.

Attorney(s) appearing for the Case

Lewis M. Dabney, Jr., New York City (Murray C. Bernays, New York City, on the brief), for plaintiff-appellant.

Wm. Francis Corson, New York City (Garey & Garey, Ambrose V. McCall, Sol Irving Sokolsky, New York City, on the brief), for defendants-appellees.

Before LUMBARD, WATERMAN and MOORE, Circuit Judges.

MOORE, Circuit Judge.

The plaintiff (appellant) brought this derivative action as a stockholder of Kaiser-Frazer Corporation (referred to as "KF") to reclaim for KF from the defendant Graham-Paige Motors Corporation (referred to as "GP") profits allegedly received by GP on the sale of 155,000 shares of KF stock within six months after their purchase by GP. The action is based upon the theory that under section 16(b) of the Securities Exchange Act of 1934 (48 Stat...

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