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DOWNEY v. VERNITRON CORP.

Civ. A. No. 81-1916-S.

559 F.Supp. 1081 (1982)

Gerald DOWNEY, Frederick Massaro, Howard Slater, Louis Steinhardt, Ernest Caggiano, Kenneth Sacco, and Paul Calvani, on behalf of themselves and all similarly situated persons, Plaintiffs, v. VERNITRON CORP., Benjamin Sachs, Bernard E. Levine, and Herman Nathanson, Defendants.

United States District Court, D. Massachusetts.

March 9, 1982.

Attorney(s) appearing for the Case

Edward T. Dangel, III, Dangel & Sherry, Boston, Mass., for plaintiffs.

Edwin A. McCabe, Widett, Slater & Goldman, Boston, Mass., for defendants.

MEMORANDUM AND ORDER

SKINNER, District Judge.

Plaintiffs bring this class action to challenge actions by defendants which allegedly wrongfully inflated the value of defendant Vernitron Corporation's ("Vernitron") stock in violation of §§ 10(b) and 23 of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j and 78w, Rule 10b-5, 17 C.F.R. 240.106-5, and which constituted gross mismanagement of the corporation. Plaintiffs are shareholders...

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