DEMARCO v. EDENS

Nos. 21, 22, Dockets 31067, 31068.

390 F.2d 836 (1968)

Vincent DEMARCO, Belle Pomerantz and Mary Roth, on behalf of themselves and all others similarly situated, Plaintiffs-Appellants, v. Robert B. EDENS, Martin Lasher, Precision Metal Products, Inc., Philip Tashman, Harry Schwartz, John Doe and Richard Roe, the names John Doe and Richard Roe being fictitious, the true names of said defendants being unknown to plaintiffs, the parties intended being more fully described in the complaint, Defendants-Appellees. Anthony GRANDINETTI, Al Langer, Angela Bennetti, Celia Israel, Stanley F. Harrison, Jr., Harold K. Stearns, and Helen Stearns, Plaintiffs-Appellants, v. Robert B. EDENS, Martin Lasher, Precision Metal Products, Inc., Philip Tashman, Harry Schwartz, John Doe and Richard Roe, the names John Doe and Richard Roe being fictitious, the true names of said defendants being unknown to plaintiffs, the parties intended being more fully described in the complaint, Defendants-Appellees.

United States Court of Appeals Second Circuit.

Decided March 7, 1968.


Attorney(s) appearing for the Case

Irving Malchman, Jerome J. Klied, Malchman & Klied, New York City, for plaintiffs-appellants.

Peter P. Smith, III, Francis J. Purcell, Shea, Gallop, Climenko & Gould, New York City, for defendants-appellees Precision Metal Products, Inc., Philip Tashman and Harry Schwartz.

Before LUMBARD, Chief Judge, and WATERMAN and FEINBERG, Circuit Judges.


WATERMAN, Circuit Judge.

In two actions, allegedly maintainable as class actions, brought by different sets of plaintiffs but later consolidated for trial, each petitioner sought to recover the purchase price of $3.00 a share paid by petitioners for blocks of Precision Metal Products, Inc. common stock which had been purchased in November and December 1961. A New York underwriter, Armstrong & Co., Inc. (Armstrong) had agreed to market the stock of Precision Metal...

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