OPINION
TENNEY, District Judge.
Plaintiffs Irving Kaplan and Frances Kaplan are suing derivatively on behalf of General Telephone & Electronics Corporation ("GTE"), alleging violations of sections 10(b), 12(b), 13(a) and 14(a) of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b), 78l(b), 78m(a), 78n(a) ("the Act"), and waste of assets and breach of fiduciary duties under state law.
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