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BEAUMONT v. AMERICAN CAN CO.

No. 1039, Docket 85-9063.

797 F.2d 79 (1986)

Geoffrey C. BEAUMONT, Stephen A. Kramer, and Adele Slutsky, Plaintiffs-Appellants, v. AMERICAN CAN COMPANY, Gerald Tsai, Jr., Norman Alexander, Gilbert Butler, Joseph Fafian, Jr., A. Leon Fergenson, E. John Rosenwald, and Stanley A. Zax, Defendants-Appellees, Joseph Auerbach, Max Caplan, Frank T. Crohn, Ronald D. Grimm, William A. Shea, Brian Yeowell, Defendants.

United States Court of Appeals, Second Circuit.

Decided July 24, 1986.

Attorney(s) appearing for the Case

Mordecai Rosenfeld, P.C., New York City and Alton I. Crowell, Newport Beach, California, for plaintiff-appellant Beaumont.

Bruce E. Gerstein, New York City (Garwin Bronzaft & Gerstein, New York City, Scott W. Fisher, of counsel) for plaintiff-appellant Kramer.

Kaplan Kilsheimer & Foley, New York City and Kohn Milstein Cohen & Hausfeld, Washington, D.C., for plaintiff-appellant Slutsky.

Kenneth H. Holmes, New York City (Dewey, Ballantine, Bushby, Palmer & Wood, New York City, Ann M. Reed, of counsel), for defendant-appellee American Can Co.

Michael Lesch, New York City (Shea & Gould, New York City, Alfred R. Fabricant, of counsel), for individual defendants-appellants.

S.E.C., Washington, D.C. (Daniel L. Goelzer, Gen. Counsel, Jacob H. Stillman, Associate Gen. Counsel, Thomas L. Riesenberg, Sp. Counsel, Leslie E. Smith, Atty., Paul Gonson, Sol., Washington, D.C., of counsel), amicus curiae.

Before LUMBARD, OAKES, and NEWMAN, Circuit Judges.

LUMBARD, Circuit Judge:

Plaintiffs, former shareholders of Associated Madison Companies, Inc., appeal from the summary judgment of the Southern District (Lasker, J.), entered December 3, 1985, dismissing plaintiffs' Second Consolidated Amended Complaint against defendants American Can Company and Associated's directors and officers. The complaint alleged federal securities law and state corporation and contract law violations by American Can and Associated's directors...

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