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DURHAM v. BUSINESS MANAGEMENT ASSOCIATES

Nos. 87-7453 to 87-7455.

847 F.2d 1505 (1988)

Richard DURHAM, et al., Plaintiffs-Appellees, v. BUSINESS MANAGEMENT ASSOCIATES, et al., Defendants, Somers & Altenbach, Defendant-Appellant. Richard DURHAM; Merrill R. Barron; Peter S. Verrill; Khalid L. Khan; Donald J. Gale; Phillip Gilchrist; Wray A. Hammer; Jesse D. Hester; Mamoun R. Pacha; Richard G. O'Leary; Samuel Staggers, Jr.; Maurice F. Mc Carthy, Jr.; Robert E. Hallett; James B. Threlkel; Wade Faulkner; Shailesph P. Upadhyay; Mohammed A. Mohiuddin and Timothy L. Eakes, Plaintiffs-Appellees, v. BUSINESS MANAGEMENT ASSOCIATES; Executive Counsel, Inc.; Robert M. Fulmer; Robert J. Underwood; Underwood Financial Planning, Inc., and William B. Aylor, Defendants-Appellants, McGraw-Hill Information Systems Company, et al., Defendants. Richard DURHAM; Merrill R. Barron; Peter S. Verrill; Khalid L. Khan; Donald J. Gale; Phillip Gilchrist; Wray A. Hammer; Jesse D. Hester; Mamoun R. Pacha; Richard G. O'Leary; Samuel Staggers, Jr.; Maurice F. Mc Carthy, Jr.; Robert E. Hallett; James B. Threlkel; Wade Faulkner; Shailesph P. Upadhyay; Mohammed A. Mohiuddin and Timothy L. Eakes, Plaintiffs-Appellees, v. BUSINESS MANAGEMENT ASSOCIATES; Executive Counsel, Inc.; Robert M. Fulmer; Robert J. Underwood; Underwood Financial Planning, Inc., and William B. Aylor, Defendants, McGraw-Hill Information Systems Company, Defendant-Appellant.

United States Court of Appeals, Eleventh Circuit.

June 23, 1988.

Attorney(s) appearing for the Case

Maynard, Cooper, Frierson & Gale, P.C., N. Lee Cooper, A. Inge Selden, III, Luther M. Dorr, Jr., Birmingham, Ala., for McGraw-Hill.

Michael D. McKibben, H. Douglas Hinson, Bradley, Arant, Rose & White, Birmingham, Ala., for Underwood and Underwood Financial Planning.

Steven F. Casey, Balch & Bingham, John F. Mandt, Stanley M. Brock, Birmingham, Ala., for Durham, et al.

Crawford S. McGivaren, Jr., Cabaniss, Johnston, Gardner, Dumas & O'Neal, Sara Eugenia Akin, Inger M. Sjostrom, Birmingham, Ala., for Somers & Altenbach.

G. Thomas Yearout, Brett N. Blackwood, Birmingham, Ala., for R.M. Fulmer and Executive Council.

Corley, Moncus, Bynum & DeBuys, P.C., John F. DeBuys, Jr., E. Clayton Lowe, Jr., Birmingham, Ala., for Business Management and William Aylor.

Before VANCE, Circuit Judge, TUTTLE, Senior Circuit Judge, and LYNNE, Senior District Judge.

VANCE, Circuit Judge:

In this complex securities fraud action appellants appeal from the district court's order denying their motion for summary judgment. We affirm.

I.

Appellees initiated this action on September 10, 1986 by filing a complaint in the United States District Court for the Northern District of Alabama. Appellees sought to recover damages for alleged violations of federal securities law and...

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