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SIROTA v. SOLITRON DEVICES, INC.

Nos. 158, 310 and 476, Dockets 81-7357, 81-7367 and 81-7377.

673 F.2d 566 (1982)

Howard SIROTA, Family Restorations, A Partnership, Robert J. Berk and Bruce M. Umlas, on behalf of themselves and all others similarly situated, Plaintiffs-Appellees-Cross-Appellants. and Union Carbide Corporation, Plaintiff-Intervenor-Appellant, v. SOLITRON DEVICES, INC., Benjamin Friedman, James S. Trager, James P. Barry, Defendants-Appellants-Cross-Appellees, and Louis Sternbach & Co., Defendant-Cross-Appellee.

United States Court of Appeals, Second Circuit.

Decided February 19, 1982.

Attorney(s) appearing for the Case

Paul Windels, Jr., Windels, Marx, Davies & Ives, New York City (Andrew N. Grass, Jr. and Mitchell L. Marinello, New York City, of counsel), for defendants-appellants-cross-appellees.

I. Stephen Rabin, Rabin & Silverman, New York City (Benedict Wolf, Stephen D. Oestreich, Wolf, Popper, Ross, Wolf & Jones, and Allan K. Peckel, New York City, of counsel), for plaintiffs-appellees-cross-appellants.

Robert E. Meshel, D'Amato & Lynch, New York City (John M. Burns, III, New York City, of counsel), for defendant-cross-appellee.

Before LUMBARD, OAKES and KEARSE, Circuit Judges.

OAKES, Circuit Judge:

This securities class action was tried on the theory that Solitron Devices, Inc. (Solitron), and certain of its officers, aided and abetted by its accountants, Louis Sternbach & Co. (Sternbach), intentionally issued annual reports and financial statements containing materially false misrepresentations of the company's sales, income, and inventories. The plaintiff class, purchasers of Solitron shares on the public market (the American Stock...

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