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NEMO v. ALLEN

No. 78 Civ. 1401 (KTD).

466 F.Supp. 192 (1979)

Esther NEMO, Plaintiff, v. Herbert A. ALLEN, David Begelman, Alan J. Hirschfield, Leo Jaffe, Irwin H. Kramer, Matthew B. Rosenhaus, Samuel L. Tedlow, James P. Wilmot, Columbia Pictures Industries, Inc. and "John Doe", "Richard Roe", and other "John Does", said names being fictitious, their true names being presently unknown to plaintiff, the parties intended being the present and former officers and employees of Columbia Pictures Industries, Inc. and its subsidiaries who were granted stock options which have been or may be exercised by them pursuant to Columbia Pictures Industries, Inc.'s 1975 Key Employees' Non-Qualified Stock Option Plan as Amended in 1977, Defendants.

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

February 6, 1979.

Attorney(s) appearing for the Case

Levy & Levy, New York City, for plaintiff.

Milbank, Tweed, Hadley & McCloy, New York City, for defendant Leo Jaffe.

Pryor, Cashman, Sherman & Flynn, New York City, for defendant David Begelman.

Zimet, Haines, Moss & Goodkind, New York City, for defendant Alan J. Hirschfield.

Holtzman, Wise & Shepard, New York City, for defendants Herbert A. Allen and Irwin H. Kramer.

Weil, Gotshal & Manges, New York City, for defendant Columbia Pictures Industries, Inc.

OPINION

KEVIN THOMAS DUFFY, District Judge:

This is a derivative action brought on behalf of Columbia Pictures Industries, Inc. [hereinafter referred to as "Columbia"], a Delaware corporation, to redress alleged violations of the Securities and Exchange Act of 1934 [hereinafter referred to as "the Exchange Act"] and to recover from the defendant/directors of Columbia for their alleged breach of fiduciary duty and waste of corporate assets. Jurisdiction is...

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