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PIPER v. CHRIS-CRAFT INDUSTRIES, INC.

No. 75-353.

430 U.S. 1 (1977)

PIPER ET AL. v. CHRIS-CRAFT INDUSTRIES, INC.

Supreme Court of United States.

Decided February 23, 1977.

Attorney(s) appearing for the Case

Paul G. Pennoyer, Jr., argued the cause for petitioners in No. 75-353. With him on the briefs was Zachary Shimer. David W. Peck argued the cause for petitioner in No. 75-354. With him on the briefs were Arthur H. Dean, John F. Arning, John L. Warden, Charles W. Sullivan, and Louis Loss. Lloyd N. Cutler argued the cause for petitioners in No. 75-355. With him on the briefs were Manuel F. Cohen, Louis R. Cohen, Stephen F. Black, William T. Lake, Michael S. Helfer, William J. Kolasky, Jr., James V. Ryan, Roger L. Waldman, Charles Alan Wright, Dudley C. Phillips, and John J. Martin.

Arthur L. Liman argued the cause for respondent in all three cases. With him on the brief were Simon H. Rifkind, Stuart Robinowitz, and Jack C. Auspitz.†

MR. CHIEF JUSTICE BURGER delivered the opinion of the Court.

We granted certiorari in these cases, 425 U.S. 910 (1976), to consider, among other issues, whether an unsuccessful tender offeror in a contest for control of a corporation has an implied cause of action for damages under § 14 (e) of the Securities Exchange Act of 1934, as added by § 3 of the Williams Act of 1968, 82 Stat. 457, 15 U. S. C. § 78n (e...

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