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STAFFIN v. GREENBERG

Nos. 81-1665 to 81-1670.

672 F.2d 1196 (1982)

Robert STAFFIN, Appellant, v. Joel W. GREENBERG, Bluebird, Incorporated, Herbert Cook and Northern Foods, Ltd., Appellees. Donald L. WINDERMAN, Appellant, v. Joel W. GREENBERG, et al., Appellees. Robert STAFFIN, et al., Appellees, v. NORTHERN FOODS, LTD., Appellant. Bernard J. GOMBERG, Appellant, v. BLUEBIRD, INCORPORATED, et al., Appellees. Charles HEIT, Appellant, v. BLUEBIRD, INCORPORATED, Appellee. Morris and Sally LEONARD, Appellants, v. Joel W. GREENBERG, et al., Appellees.

United States Court of Appeals, Third Circuit.

Decided February 19, 1982.

As Amended March 22, 1982.

Attorney(s) appearing for the Case

Barrack Rodos & McMahon, Leonard Barrack (argued), Philadelphia, Pa., for appellant Robert Staffin.

Kohn, Savett, Marion & Graf, P. C., Robert LaRocca (argued), Philadelphia, Pa., for appellant Donald L. Winderman.

Berger & Montague, P. C., Philadelphia, Pa., for appellant Bernard J. Gomberg.

Wolf, Popper, Ross, Wolf & Jones, New York City, for appellant Charles Heit.

Meredith & Cohen, Philadelphia, Pa., for appellants Morris and Sally Leonard.

Marc P. Cherno (argued), Stephen D. Alexander, Fried, Frank, Harris, Shriver & Jacobson, New York City, Alexander Kerr, Hunt, Kerr, Bloom & Hitchner, Philadelphia, Pa., for appellee and cross-appellant Northern Foods, Ltd.

John W. Pelino (argued), David A. Gradwohl, Pelino & Lentz, P. C., Philadelphia, Pa., Sheldon I. Saitlin, Shefsky, Saitlin & Froelich, Ltd., Chicago, Ill., for appellees Joel W. Greenberg, Herbert Cook and Bluebird, Inc.

Before GIBBONS and HIGGINBOTHAM, Circuit Judges, and McCUNE, District Judge.

OPINION OF THE COURT

A. LEON HIGGINBOTHAM, Jr., Circuit Judge.

"Buy low, sell high" is good advice for any investor, but, unfortunately, this oft-repeated adage does not advise the investor as to what day or month the stock will be at its highest peak. This is an action by disappointed shareholders of Bluebird, Incorporated, who sold stock to their company at $10.00 per share in July, 1979, only to see their company agree to merge with another company, at...

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