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ORN v. EASTMAN DILLON, UNION SECURITIES & CO.

Civ. No. 72-688-F.

364 F.Supp. 352 (1973)

Duane ORN and Arnold Sundal, Plaintiffs, v. EASTMAN DILLON, UNION SECURITIES & CO., a New York partnership, et al., Defendants.

United States District Court, C. D. California.

October 2, 1973.

Attorney(s) appearing for the Case

Donnelly, Clark, Chase & Johnson, Los Angeles, Cal., for Eastman Dillon, Union Securities & Co., a New York partnership, and others.

Macdonald, Halsted & Laybourne, Los Angeles, Cal., and Dorsey, Marquart, Windhorst, West & Halladay, Minneapolis, Minn., for Goodbody & Co., a partnership, and others.

Rifkind & Sterling, Inc., Beverly Hills, Cal., and Marshall, Bratter, Greene, Allison & Tucher, New York City, for Sprayregen & Co., Inc., a Delaware corporation, Gerald Sprayregen and Lawrence N. Hurwitz.

Gibson, Dunn & Crutcher, Los Angeles, Cal., for Ernst & Ernst, an Ohio partnership.

Mitchell, Silberberg & Knupp, Los Angeles, Cal., for Simpson, Thacher & Bartlett, a New York partnership.

O'Melveny & Myers, Los Angeles, Cal., for SMC Investment Corp., a Delaware corporation, and others.

Walter P. North, Acting Gen. Counsel, Jacob H. Stillman, Asst. Gen. Counsel, Mark Q. Connelly, Atty., S. E. C., Washington, D. C., amicus curiae.

MEMORANDUM OPINION

FERGUSON, District Judge.

Plaintiffs have brought this action as a class action under section 10(b) of the Securities Exchange Act of 1934 (the "1934 Act"), 15 U.S.C. § 78j(b), and Rule 10b-5 thereunder, 17 C.F.R. § 240.10b-5, on behalf of investors who purchased the stock of defendant SMC Investment Corporation (SMC). The complaint alleges, inter alia, that the preliminary and final prospectuses contained material misleading...

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