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DRAKE v. THOR POWER TOOL COMPANY

No. 65 C 1133.

282 F.Supp. 94 (1967)

Russell P. DRAKE for and on behalf of himself and on behalf of all stockholders and former stockholders of Thor Power Tool Company, similarly situated, Plaintiff, v. THOR POWER TOOL COMPANY, a Delaware Corporation, and Peat, Marwick, Mitchell & Co., a Partnership, Defendants.

United States District Court N. D. Illinois, E. D.

September 15, 1967.

Attorney(s) appearing for the Case

A. Bradley Eben, Chicago, Ill., for plaintiff.

Patrick W. O'Brien, Edmund A. Stephan, Mayer, Friedlich, Spiess, Tierney, Brown & Platt, Chicago, Ill., for Thor Power Tool Co.

Frank F. Fowle, Pope, Ballard, Uriell, Kennedy, Shepard & Fowle, Chicago, Ill., for Peat, Marwick, Mitchell & Co.

MEMORANDUM OPINION AND ORDER

PARSONS, District Judge.

Plaintiff Drake complains that he purchased Thor stock through the facilities of the New York Stock Exchange at a time when the assets and profits of Defendant Thor were being fictitiously reported in its financial statements and thereupon promulgated to the public as well as to Thor's stockholders, and that when the true financial condition became known the price of Thor shares as then traded on the...

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