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PAPPAS v. MOSS

Nos. 16405-16411.

393 F.2d 865 (1968)

George P. PAPPAS et al. v. Bernard L. MOSS, Harrison J. Britton, Leo N. Sokol, Philip B. Brooks and Hydromatic, Inc., Philip B. Brooks, As Trustee of Hydromatic Employees Profit Sharing and Retirement Trust and Edward Nathan, Bernard L. Moss, Appellant in #16405 Harrison J. Britton, Appellant in #16406 Philip B. Brooks, Appellant in #16407 Edward Nathan, Appellant in #16408 Leo N. Sokol, Appellant in #16409 Hydromatics, Inc., Appellant in #16410 The Niagara Wire Weaving Company Limited, Appellant in #16411.

United States Court of Appeals Third Circuit.

Decided April 9, 1968.

Attorney(s) appearing for the Case

George I. Harris, Burke & Burke, New York City, Edward T. Kenyon, Bourne, Schmid, Burke & Noll, Summit, N. J., Robert D. Wilson, New York City, of counsel, for Niagara Wire Weaving Co., Limited (appellant in No. 16411 and for appellees in Nos. 16405 to 16410).

Bernard G. Segal, Schnader, Harrison, Segal & Lewis, Philadelphia, Pa., Clapp & Eisenberg, Newark, N. J., Samuel D. Slade, William T. Hangley, Philadelphia, Pa., of counsel, for Moss, Britton, Brooks, Nathan, Sokol and Hydromatics, Inc. (appellants in Nos. 16405 to 16410 and for appellee in No. 16411).

McGlynn, Stein & Eberiel, Newark, N. J., for appellant Hydromatics, Inc., in No. 16,410, Roger H. McGlynn, Newark, N. J., on the brief.

Philip A. Loomis, Jr., General Counsel, David Ferber, Sol., Ellwood L. Englander, Asst. General Counsel, Theodore Sonde, Atty., Securities and Exchange Commission, Washington, D. C., for Securities and Exchange Commission, amici curiae.

Before KALODNER, GANEY and SEITZ, Circuit Judges.

OPINION OF THE COURT

SEITZ, Circuit Judge.

One of several plaintiffs ("plaintiff") in a stockholder's derivative action on behalf of Hydromatics, Inc. ("Hydromatics"), a New Jersey corporation, appeals from the judgment entered by the district court after a lengthy final hearing before the court. The defendant directors ("defendants") and Hydromatics also appeal.

Plaintiffs below asserted claims against the defendants under the New Jersey common...

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