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UDOFF v. ZIPF

44 N.Y.2d 117 (1978)

Rose Udoff, on Behalf of Herself as a Shareholder of Babcock and Wilcox Company, and on Behalf of All Others Similarly Situated, Appellant, v. George C. Zipf et al., Respondents, et al., Defendants.

Court of Appeals of the State of New York.

Decided March 29, 1978.

Attorney(s) appearing for the Case

Stanley L. Kaufman and Irving Malchman for appellant.

Marvin Schwartz and Paul P. Colborn for respondents.

Chief Judge BREITEL and Judges JASEN, GABRIELLI, WACHTLER and COOKE concur; Judge FUCHSBERG taking no part.

JONES, J.

We conclude that plaintiff's contention that the board of directors' reduction of the exercise price of outstanding stock options was improper cannot be resolved on defendants' present motions for summary judgment.

On the recommendation of the Board of Directors of The Babcock & Wilcox Company, a stock option plan was approved at the annual meeting of shareholders held on April 26, 1972...

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