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CREDIT & FINANCE CORP. LTD. v. WARNER & SWASEY CO.

Docket No. 80-7294.

638 F.2d 563 (1981)

CREDIT & FINANCE CORP. LTD.; Crescent Diversified Ltd.; Mike Felkay; Glenhaven Ltd., Abraham Israeloff; Phyllis Israeloff; Clara E. Kellner; George A. Kellner; Carl B. Menges; Nat Miller Associates; Elizabeth B. Mott; Pimlico Associates; Polytechnic Organisation Ltd.; Fred R. Nederlander; Elmer G. St. John, M.D.; Margaret W. St. John; Sogo Shosha Limited; Samuel M. Stayman and Alfred Rand, as Agents for Star Investors; Wendy Jesser Stowe; Robert Winthrop; Jerry Roland; and Donaldson, Lufkin & Jenrette, Inc., Plaintiffs-Appellants, v. WARNER & SWASEY COMPANY, and Vorwerk & Co. (KG), Defendants, and Ranco Incorporated, Defendant-Appellee.

United States Court of Appeals, Second Circuit.

Decided January 19, 1981.

Attorney(s) appearing for the Case

Sidney B. Silverman, New York City (Silverman & Harnes, New York City), for plaintiffs-appellants.

Whitney North Seymour, Jr., New York City (Simpson, Thacher & Bartlett, New York City, John F. Cambria, New York City, of counsel), for defendant-appellee Ranco Incorporated.

Before FRIENDLY and OAKES, Circuit Judges, and OWEN, District Judge.

FRIENDLY, Circuit Judge:

Plaintiffs-appellants in this action in the District Court for the Southern District of New York are 22 persons who purchased stock in defendant-appellee Ranco Incorporated (Ranco). The purchases occurred on July 13, July 17, and July 18, 1979, and were consequent upon two press releases by Ranco with respect to a tender offer for its stock by defendant Warner & Swasey Company (W&S). The amended complaint also named as defendants W...

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