LEWIS v. SPIRAL METAL COMPANY

No. 68 Civ. 4510.

317 F.Supp. 905 (1970)

Harry LEWIS, David Olin, on behalf of himself and all others similarly situated, and Mortimer M. Lerner, Plaintiffs, v. SPIRAL METAL COMPANY, Inc., Van Alstyne, Noel & Co., David Van Alstyne, Jr., James A. Russell, Melvin Solomon, William J. Butler, Jr., Dominick A. Fitzpatrick, Jack Kaplan, Edward Tietz, Frederick Fahrendorf, Milton S. Cohn, H. Struve Hensel and Vanco Metals Corporation, Defendants.

United States District Court, S. D. New York.

September 28, 1970.


Attorney(s) appearing for the Case

Pomerantz, Levy, Haudek & Block, New York City, for plaintiffs; Abraham L. Pomerantz, William E. Haudek, Daniel W. Krasner, New York City, of counsel.

Simpson, Thacher & Bartlett, New York City, for Van Alstyne, Noel & Co., James A. Russell, Melvin Solomon, William J. Butler, Jr., Dominick A. Fitzpatrick, Vanco Metals Corp.; Stephen P. Duggan, James J. Hagan, Daniel R. Solin, New York City, of counsel.

White & Case, New York City, for David Van Alstyne, Jr.; William D. Conwell, New York City, of counsel.


OPINION

FREDERICK van PELT BRYAN, District Judge:

Several of the defendants in this stockholder's derivative action move to dismiss the second consolidated amended complaint pursuant to Rule 12(b), Fed.R. Civ.P., on the ground that it fails to state a claim under the federal securities laws upon which relief can be granted.

The action is laid under Sections 10 (b) and 15(c)(1) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b)...

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