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PEIL v. SPEISER

No. 85-1360.

806 F.2d 1154 (1986)

Raymond K. PEIL, on behalf of himself and all others similarly situated, Appellant, v. Marvin M. SPEISER, Leon C. Baker, Marvin S. Calicor, Gerald Chice, Estate of Walter Kutler, Roy Marcus, Agis F. Kydonieus, Health-Chem Corporation, Drexel Burnham Lambert, Inc., Appellees.

United States Court of Appeals, Third Circuit.

Decided November 28, 1986.

Rehearing and Rehearing Denied December 30, 1986.

Attorney(s) appearing for the Case

Donald B. Lewis, Philadelphia, Pa., Richard D. Greenfield, C. Oliver Burt, III (argued), Greenfield & Chimicles, Haverford, Pa., for appellant.

Jerome J. Shestack (argued), Joseph C. Crawford, Schnader, Harrison, Segal & Lewis, Philadelphia, Pa., for appellees — Health-Chem Corp., et al.

Marc Durant (argued), Rita Durant, Marc Durant & Associates, Philadelphia, Pa., for appellee — Drexel Burnham Lambert, Inc.

Before SEITZ, HIGGINBOTHAM and BECKER, Circuit Judges.

Rehearing and Rehearing In Banc Denied December 30, 1986.

OPINION OF THE COURT

BECKER, Circuit Judge.1

In this securities fraud case, purchasers of corporate stock, suing as a class, seek damages against the corporation and its officers, alleging that the officers' misrepresentations about the corporations's business prospects artificially inflated the price of its stock and induced the purchasers to make a losing investment...

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