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PIDCOCK v. SUNNYLAND AMERICA, INC.

No. 87-8898.

854 F.2d 443 (1988)

John F. PIDCOCK, Plaintiff-Appellant, v. SUNNYLAND AMERICA, INC., et al., Defendants-Appellees.

United States Court of Appeals, Eleventh Circuit.

September 6, 1988.

Attorney(s) appearing for the Case

J. Wiley Ellis, Adams, Gardner, Ellis, Inglesby & Falligant, P.C., Ronald C. Berry, Savannah, Ga., for plaintiff-appellant.

Malcolm R. Maclean, Hunter, Maclean, Exley & Dunn, P.C., Savannah, Ga., for Sunnyland.

William U. Norwood, Alexander & Vann, 218 E. Jackson St., Thomasville, Ga., for Harvard, et al.

Before TJOFLAT, VANCE and COX, Circuit Judges.

VANCE, Circuit Judge:

A fraudulent purchaser escaped 10b-5 liability in the district court on the ground that the plaintiff had failed to prove loss causation. We reverse.

I.

Appellant John Pidcock and L.B. "Dude" Harvard, Sr. each owned fifty percent of Sunnyland America, Inc., a holding company for the ownership and operation of several meat packing plants. Dude Harvard served as president of the corporation and was actively involved in the daily...

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