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GOTTLIEB v. SANDIA AMERICAN CORPORATION

Nos. 18400, 18530 and 18956-18957.

452 F.2d 510 (1971)

Irving GOTTLIEB et al., v. SANDIA AMERICAN CORPORATION (formerly known as Sandia American Development Corporation), Appellant in 18400 and 18956, and Sigmund Goldblatt, Bernard L. Frishman, Pauline I. Wechsler, Dr. Herbert Wechsler, Joseph L. Nellis, Wallace Agnew, James Roosevelt, individualy and as the officers and directors of Sandia American Corporation (formerly known as Sandia American Development Corporation), and Nathan Wechsler, individually and as agent for Sandia American Corporation (formerly known as Sandia American Development Corporation). Appeal of Nathan WECHSLER, Individually and as Agent for Sandia American Corporation, in Nos. 18530 and 18957.

United States Court of Appeals, Third Circuit.

Decided March 15, 1971.

Rehearing Denied April 15, 1971.

Certiorari Denied November 9, 1971.

Attorney(s) appearing for the Case

Pace Reich, Modell, Pincus, Hahn & Reich, Philadelphia, Pa., for appellants.

William R. Pomerantz, Philadelphia, Pa., for appellees.

Before HASTIE, Chief Judge, and ALDISERT and GIBBONS, Circuit Judges.

Certiorari Denied November 9, 1971. See 92 S.Ct. 274.

OPINION OF THE COURT

ALDISERT, Circuit Judge.

The corporate and individual appellants challenge the civil judgment of the district court, sitting without a jury, awarding damages for violations of Rule 10b-5, 17 C.F.R. § 240.10b-5 and the Securities Exchange Act, 15 U.S.C. § 78j(b). They contend that the complaint against Sandia American Corporation should have been dismissed for want...

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