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SHARP v. COOPERS & LYBRAND

No. 80-2229.

649 F.2d 175 (1981)

SHARP, Stanley L. v. COOPERS & LYBRAND, Appellant.

United States Court of Appeals, Third Circuit.

Decided April 28, 1981.

Rehearings Denied May 27 and June 5, 1981.

As Amended June 5, 1981.

Attorney(s) appearing for the Case

Matthew J. Broderick (argued), Jeffrey G. Weil, Richard A. Deak, Dechert, Price & Rhoads, Philadelphia, Pa., for appellant.

Theodore R. Mann (argued), Barry E. Ungar, Larry H. Spector, S. Mark Werner, Mann & Ungar, P. A., Philadelphia, Pa., for appellee; Ralph C. Ferrara, General Counsel, Jacob H. Stillman, Associate Gen. Counsel, Frederick B. Wade, Senior Sp. Counsel, David A. Sirignano, Atty., Washington, D. C., of counsel.

Paul Gonson, Sol., Securities and Exchange Commission, Washington, D. C., of counsel for amicus curiae.

Before ALDISERT and HIGGINBOTHAM, Circuit Judges, and MARKEY, Chief Judge.

OPINION OF THE COURT

ALDISERT, Circuit Judge.

This appeal from verdicts in favor of the three named plaintiffs in a securities fraud class action raises several important questions under the antifraud provisions of the Securities Exchange Act of 1934. Specifically, we are asked to decide whether the district judge properly instructed the jury on imputed or secondary liability, on § 20(a) of the Act, on reliance, and on the measure of damages. For the...

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