KLEIN v. COMPUTER DEVICES, INC.

Nos. 83 Civ. 6456 (GLG), 83 Civ. 8318 (GLG).

602 F.Supp. 837 (1985)

Wilbur KLEIN and Sheldon Hoffman, on behalf of themselves and all others similarly situated, Plaintiffs, v. COMPUTER DEVICES, INC., A.G. Becker Paribas Incorporated, Hoyt Ecker, Seaforth M. Lyle, Bruce Elmblad, Morton E. Goulder, David T. Riddiford, and Robert L. Warren, Jr., Defendants. Joseph DAVELLA, Plaintiff, v. A.G. BECKER PARIBAS INCORPORATED, et al., Defendants.

United States District Court, S.D. New York.

February 21, 1985.


Attorney(s) appearing for the Case

Booth, Lipton & Lipton, New York City, for plaintiffs Klein and Hoffman; Philip H. Kalban, New York City, of counsel.

Pomerantz, Levy, Haudek, Block & Grossman, New York City, Berman, Devalerio & Pease, Sumner Woodrow, Boston, Mass., for plaintiff Davella; Stephen P. Hoffman, Lawrence D. Paskowitz, New York City, of counsel.

Brown, Wood, Ivey, Mitchell & Petty, New York City, for defendant A.G. Becker Paribas Inc.; Henry F. Minnerop, Judith Welcom, Stuart J.M. Breslow, New York City, of counsel, Louis Loss, New York City, of special counsel.


OPINION

GOETTEL, District Judge:

On July 8, 1983, there was a public offering of one million shares of common stock of Computer Devices, Inc., at $11.25 per share. The value of these shares declined and Computer Devices, Inc., subsequently filed for bankruptcy. Purchasers of the stock filed complaints1 alleging violations of the securities laws by the officers and directors of Computer Devices, Inc., and by Becker Paribas Incorporated...

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