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MOUNT CLEMENS INDUSTRIES, INC. v. BELL

No. 71-1318.

464 F.2d 339 (1972)

MOUNT CLEMENS INDUSTRIES, INC., a corporation, Mt. Clemens Corporation (formerly Buckeye Corporation), a corporation, Petitioner-Appellants, v. O. M. BELL et al., Respondents-Appellees.

United States Court of Appeals, Ninth Circuit.

June 28, 1972.

Attorney(s) appearing for the Case

Lawrence Teplin (argued), of Leslie, Rubin & Teplin, Beverly Hills, Cal., for petitioners-appellants.

Thomas B. Moss (argued), of Voegelin & Barton, Los Angeles, Cal., for respondents-appellees.

Before CHAMBERS, KOELSCH and ELY, Circuit Judges.

ELY, Circuit Judge:

This appeal presents, for the first time in our court, the issue of whether there is a requirement in a private action for damages under Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b),1 and Securities and Exchange Commission Rule 10b-5, 17 C.F.R. § 240.10b-5,2 that the plaintiff be a purchaser or seller of the securities with respect to which he claims...

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