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HERSKOWITZ v. NUTRI/SYSTEM, INC.

Nos. 87 1786 to 87-1803.

857 F.2d 179 (1988)

Henry HERSKOWITZ, on behalf of himself and all others similarly situated v. NUTRI/SYSTEM, INC., Harold Katz, A. Donald McCulloch, Jr., Albert J. Di Marco, Reef C. Ivey, II, Duane E. Jarvis, Norman Amster, Martin S. Begun, Merrill Lynch Capital Markets, Inc., Connecticut National Bank, John E. Sylvester, Thomas W.L. Cameron. Appeal of Henry HERSKOWITZ, Appellant No. 87-1786 Connecticut National Bank, Cross-Appellant No. 87-1798. Alan ROSMAN, on behalf of himself and all others similarly situated v. NUTRI/SYSTEM, INC., Harold Katz, A. Donald McCulloch, Jr., Albert J. Di Marco, Reef C. Ivey, II, Duane E. Jarvis, Norman Amster, Martin S. Begun, Merrill Lynch Capital Markets, Inc., Connecticut National Bank, John E. Sylvester, Thomas W.L. Cameron. Appeal of Alan ROSMAN, Appellant No. 87-1787 Connecticut National Bank, Cross-Appellant No. 87-1799. Joseph FABIAN, on behalf of himself and all others similarly situated v. NUTRI/SYSTEM, INC., Harold Katz, A. Donald McCulloch, Jr., Albert J. Di Marco, Reef C. Ivey, II, Duane E. Jarvis, Norman Amster, Martin S. Begun, Merrill Lynch Capital Markets, Inc., Connecticut National Bank, John E. Sylvester, Thomas W.L. Cameron. Appeal of Joseph FABIAN, Appellant No. 87-1788 Connecticut National Bank, Cross-Appellant No. 87-1800. Nissim HUSNI, on behalf of himself and all others similarly situated v. NUTRI/SYSTEM, INC., Harold Katz, A. Donald McCulloch, Jr., Albert J. Di Marco, Reef C. Ivey, II, Duane E. Jarvis, Norman Amster, Martin S. Begun, Merrill Lynch Capital Markets, Inc., Connecticut National Bank, John E. Sylvester, Thomas W.L. Cameron. Appeal of Nissim HUSNI, Appellant No. 87-1789 Connecticut National Bank, Cross-Appellant No. 87-1801. Donald SUNSHINE, on behalf of himself and all others similarly situated v. NUTRI/SYSTEM, INC., Harold Katz, A. Donald McCulloch, Jr., Albert J. Di Marco, Reef C. Ivey, II, Duane E. Jarvis, Norman Amster, Martin S. Begun, Merrill Lynch Capital Markets, Inc., Connecticut National Bank, John E. Sylvester, Thomas W.L. Cameron. Appeal of Donald SUNSHINE, Appellant No. 87-1790 Connecticut National Bank, Cross-Appellant No. 87-1802. Jack POTOK, Fred Potok, Joint Tenants, on behalf of themselves and all others similarly situated v. NUTRI/SYSTEM, INC., Harold Katz, A. Donald McCulloch, Jr., Albert J. Di Marco, Reef C. Ivey, II, Duane E. Jarvis, Norman Amster, Martin S. Begun, Merrill Lynch Capital Markets, Inc., Connecticut National Bank, John E. Sylvester, Thomas W.L. Cameron. Appeal of Jack POTOK and Fred Potok, Appellants No. 87-1791 Connecticut National Bank, Cross-Appellant No. 87-1803.

United States Court of Appeals, Third Circuit.

Decided September 13, 1988.

Rehearing and Rehearing Denied October 11, 1988.

Attorney(s) appearing for the Case

Leonard Barrack, Sheldon L. Albert (argued), M. Richard Komins, Barrack, Rodos & Bacine, Philadelphia, Pa., for appellants/cross-appellees Henry Herskowitz, Alan Rosman, Joseph Fabian, Donald Sunshine, Jack Potok, Fred Potok.

Barbara A. Podell, Kohn, Savett, Klein & Graf, Philadelphia, Pa., for appellant Nissim Husni.

Alexander Kerr (argued), Joseph G. DeRespino, Lisa M. Salazar, Hoyle, Morris & Kerr, Philadelphia, Pa., for appellee/cross-appellant Connecticut Nat. Bank.

Roy H. Carlin, Clayton A. Prugh, Steven A. Samuel, Windels, Marx, Davies & Ives, New York City, for appellees, Nutri/System, Inc., A. Donald McCulloch, Jr., Albert J. Di Marco, Reef C. Ivey, II & John E. Sylvester.

Theodore R. Mann (argued), Marc J. Zucker, Mann & Ungar, Philadelphia, Pa., for appellees Nutri/System, Inc., Harold Katz, Martin S. Begun & Thomas W.L. Cameron.

Before GIBBONS, Chief Judge, and HIGGINBOTHAM and HUNTER, Circuit Judges.

Rehearing and Rehearing In Banc Denied October 11, 1988.

OPINION OF THE COURT

GIBBONS, Chief Judge.

Shareholders of Nutri/System, Inc., who are plaintiffs in six consolidated class actions challenging the terms of a leveraged buyout, appeal from a judgment in favor of the defendants. The defendants include the Corporation, its senior management which purchased Nutri/System's business, its board of directors, and Connecticut National Bank, which issued...

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