DARVIN v. INTERNATIONAL HARVESTER CO.

No. 81 Civ. 2168 (JES).

610 F.Supp. 255 (1985)

Leonard DARVIN, on behalf of himself and all other persons similarly situated, Plaintiff, v. INTERNATIONAL HARVESTER COMPANY, Roger E. Anderson, Karl D. Bays, Dr. Andrew F. Brimmer, James J. Doyle, Mary Garst, Dr. Arthur G. Hansen, Warren J. Hayford, J. Patrick Kaine, Joseph B. Lanterman, Archie R. McCardell, Brooks McCormick, Louis W. Menk, Graham J. Morgan, Keith R. Potter, Dr. John T. Rettaliata, Edson W. Spencer, Ben H. Warren, Morgan Stanley & Co. Incorporated, Continental Illinois Corporation and Morgan Guaranty Trust Company of New York on behalf of itself and all others similarly situated, Defendants.

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

June 10, 1985.


Attorney(s) appearing for the Case

Wolf, Haldenstein, Adler, Freeman & Herz, New York City, for plaintiff; Daniel W. Krasner, Fred Taylor Isquith, of counsel.

Cravath, Swaine & Moore, New York City, for defendants Roger E. Anderson, Karl D. Bays, James J. Doyle, Mary Garst, Dr. Arthur G. Hansen, Warren J. Hayford, J. Patrick Kaine, Joseph B. Lanterman, Archie R. McCardell, Brooks McCormick, Graham J. Morgan, Keith R. Potter, Dr. John T. Rettaliata, Edson W. Spencer and Ben H. Warren and Intern. Havester Co.; Rory O. Millson, Richard M. Breslow, of counsel.

Davis Polk & Wardwell, New York City, for defendant Morgan Stanley & Co. Inc.; Dennis Glazer, of counsel.


OPINION & ORDER

SPRIZZO, District Judge:

Plaintiff Leonard Darvin purchased 500 shares of common stock in defendant International Harvester Co. ("Harvester") on the open market in December 1980. He sold 500 shares in February 1981 for a loss, a few days after Harvester disclosed losses of $96.4 million for the first quarter of fiscal 1980. Plaintiff sues for damages pursuant to section 10(b) of the Securities...

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