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OSTERNECK v. E.T. BARWICK INDUSTRIES, INC.

Nos. 85-8165, 85-8523 and 85-8593.

825 F.2d 1521 (1987)

Myles OSTERNECK, et al., Plaintiffs-Appellants, Cross-Appellees, v. E.T. BARWICK INDUSTRIES, INC., Defendant. E.T. Barwick, Defendant, M.E. Kellar, Defendant-Appellant, Cross-Appellee, Buford Talley, Defendant-Appellant, Cross-Appellee, Ernst & Whinney, Defendant-Appellee, Cross-Appellant. Myles OSTERNECK, et al., Plaintiffs-Appellees, v. E.T. BARWICK INDUSTRIES, INC., et al., Defendants, Ernest & Whinney, Defendant-Appellant, Myles OSTERNECK, et al., Plaintiffs-Appellees, Cross-Appellants, v. E.T. BARWICK INDUSTRIES, INC., Defendants, Melvin E. Kellar and Buford A. Talley, Defendants-Appellants, Cross-Appellees,

United States Court of Appeals, Eleventh Circuit.

August 31, 1987.

Attorney(s) appearing for the Case

Harold T. Daniel, John G. Parker, Paul Webb, Jr., Atlanta, Ga., for Osterneck et al.

Susan Hoy, Atlanta, Ga., for Kellar.

R. Hal Meeks, Jr., Peter J. Anderson, S. Lawrence Polk, Atlanta, Ga., for Talley.

Richard M. Kirby, Atlanta, Ga., for Ernst & Whinney.

Before HATCHETT and ANDERSON, Circuit Judges, and TUTTLE, Senior Circuit Judge.

ANDERSON, Circuit Judge:

Over seventeen years ago, in September 1969, Cavalier Bag Company, Inc. merged into E.T. Barwick Industries, a subsidiary of the Barwick Corporation. Various members of the Osterneck family, plaintiffs in this action, were, at that time, owners of Cavalier. Pursuant to the merger, the Osternecks exchanged their stock in Cavalier for Barwick Industries stock.

Sometime later the Osternecks became aware of allegedly fraudulent misrepresentations...

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