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THOMAS v. DURALITE CO., INC.

Nos. 75-1044 to 75-1046.

524 F.2d 577 (1975)

Morton I. THOMAS et al. v. DURALITE COMPANY, INC., a New York Corporation, Appellant in No. 75-1045, et al. Appeal of Bertram R. LESSER and Irving H. Zakin, in No. 75-1044. Appeal of Morton I. THOMAS, in No. 75-1046.

United States Court of Appeals, Third Circuit.

Decided October 8, 1975.

Attorney(s) appearing for the Case

Pitney, Hardin & Kipp, Newark, N. J., for Morton I. Thomas, Edco Surgical Supply Co., and Temco Products, Inc.; William D. Hardin, Cary J. Frieze, Newark, N. J., of counsel.

Golenbock & Barell, New York City, and Sidney Krieger, Newark, N. J., for Duralite Company, Inc.; Arthur M. Handler, Robert S. Goodman, New York City, of counsel.

Jesse Climenko, Shea, Gould, Climenko, Kramer & Casey, New York City, and Cole, Berman & Belsky, Paterson, N. J., for Bertram R. Lesser and Irving Zakin.

OPINION OF THE COURT

WEIS, Circuit Judge.

The sale of stock in a closely held corporation, induced by misrepresentation and nondisclosure of material information, is the basis of this 10b-5 suit. We conclude that inaccurate statements about the lack of improvement in the financial health of the corporation and failure to reveal nascent negotiations for acquisition establish liability. However, a damage award which amounts to an overly generous windfall must...

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