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REID v. HUGHES

No. 76-3673.

578 F.2d 634 (1978)

William M. REID, Individually and derivatively on behalf of Weatherby Engineering Co., Plaintiffs-Appellants, v. H. D. HUGHES et al., Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

August 21, 1978.

Attorney(s) appearing for the Case

Ben H. Schleider, Jr., Paul S. Francis, Houston, Tex., for plaintiffs-appellants.

Barry Allan Brown, Houston, Tex., for Johnson-Loggins, Inc.

John L. Carter, Houston, Tex., for R. E. Reamer.

J. Clifford Gunter, III, Houston, Tex., for G. W. Loggins.

Justin M. Campbell, III, Houston, Tex., D. Robert Owen, New York City, for First Realty Investment.

Lloyd R. Cunningham, Jr., Grant Cook, Houston, Tex., for Larry Johnson.

Morton L. Susman, Michael P. Kessler, Houston, Tex., for Hilderbrand, Hughes et al.

Before TUTTLE, GEE and FAY, Circuit Judges.

FAY, Circuit Judge:

This appeal raises a variety of difficult questions under the Securities Exchange Act of 1934. Suing individually and derivatively, William M. Reid charged the defendants with a multitude of sins including violations of Section 10(b) and Rule 10b-5 of the 1934 Act.1 The district court granted the defendants' motion to dismiss for failure to state a claim upon which relief can be granted.2

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