CUMMINGS, Circuit Judge.
Four corporate plaintiffs and five of their directors, collectively known as the Madigan Group, sued seven former shareholders of Fidelity General Insurance Company and the receiver of Dealers National Insurance Company and Liberty Universal Insurance Company, who held title to 1,071,650 shares of Fidelity's common stock. The complaint asserted that defendants made false representations concerning Fidelity's financial situation to the detriment...
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