MYERS v. AMERICAN LEISURE TIME ENTERPRISES, INC.

No. 74 Civ. 4513.

402 F.Supp. 213 (1975)

Michael P. MYERS and Barbara P. Myers, Plaintiffs, v. AMERICAN LEISURE TIME ENTERPRISES, INCORPORATED, et al., Defendants.

United States District Court, S. D. New York.

August 18, 1975.


Attorney(s) appearing for the Case

Harry Adelman, Michael P. Myers, Chicago, Ill., Tenzer, Greenblatt, Fallon & Kaplan, New York City, for plaintiffs.

Zimet, Haines, Moss & Goodkind, New York City, for defendant American Recreation Group, Inc.; Howard I. Rhine, James Martin Kaplan, New York City, of counsel.

Rubin Baum Levin Constant & Friedman, New York City, for defendants Meshulam Riklis and Pinhas Riklis; Martin A. Coleman, New York City, of counsel.


OPINION

EDWARD WEINFELD, District Judge.

Defendants move to dismiss the complaint in this derivative and class action suit. Count one alleges violations of section 10(b) of the 1934 Securities Exchange Act1 and of reporting provisions of that Act, sections 13(d) and 14(f).2 In the second count, plaintiffs assert a claim based on state law. The claims arise from the purchases of 648,866 shares of stock...

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