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BROWN v. IVIE

No. 80-7702.

661 F.2d 62 (1981)

L. M. BROWN, Plaintiff-Appellant, v. Milton W. IVIE, Jr., et al., Defendants-Appellees.

United States Court of Appeals, Fifth Circuit. Unit B

November 12, 1981.

Attorney(s) appearing for the Case

Powell, Goldstein, Frazer & Murphy, Robert W. Patrick, Thomas S. Richey, William G. Leonard, Atlanta, Ga., for plaintiff-appellant.

Vaughan, Phears & Murphy, C. David Vaughan, Elizabeth Penn Payne, Atlanta, Ga., Downey, Cleveland & Moore, John H. Moore, Marietta, Ga., for defendants-appellees.

Before FAY, FRANK M. JOHNSON, Jr., and THOMAS A. CLARK, Circuit Judges.

FRANK M. JOHNSON, Jr., Circuit Judge:

Plaintiff L. M. Brown filed suit alleging that the defendants Ivie and Lightsey violated the federal Securities Act antifraud provisions by inducing him to enter into an agreement to sell his stock.1 The district court dismissed the case, holding that plaintiff had failed to state a cause of action under the federal securities laws, and plaintiff appeals. We reverse.

Brown and two defendants...

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