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LEVINSON v. BASIC INC.

Nos. 84-3730, 84-3775 and 84-3776.

871 F.2d 562 (1989)

Max L. LEVINSON; Karl Zukerman; Ronald M. Newman, Plaintiffs-Appellants, (84-3730), Plaintiffs-Appellees, (84-3775/76), v. BASIC INCORPORATED, Defendant-Appellee, (84-3730), Defendant-Appellant, (84-3775), Anthony M. Caito; Samuel Eells, Jr.; John A. Gelbach; Harley C. Lee; Matthew J. Ludwig; Max Muller; H. Chapman Rose; Edmund G. Sylvester and John C. Wilson, Jr., Defendants-Appellees, (84-3730), Defendants-Appellants, (84-3776).

United States Court of Appeals, Sixth Circuit.

Decided April 3, 1989.

Attorney(s) appearing for the Case

Wayne A. Cross, Lead Counsel, Reboul, MacMurray, Hewitt, Maynard & Kristol, David S. Elkind (argued), New York City, for Levinson, et al.

William D. Ginn, Thompson, Hine & Flory, Cleveland, Ohio, and Rosenman Colin Freund, Lewis & Cohen, New York City, Joel W. Sternman (argued), Katherine Blakeley, New York City, for Basic, et al.

Norman S. Jeavons, Stephen Madsen, and Baker & Hostetler, Cleveland, Ohio, for Caito, et al.

Securities & Exchange Com'n, Jacob H. Stillman, and Eric Summergrad, Washington, D.C., for amicus curiae.

Before MARTIN, JONES and WELLFORD, Circuit Judges.

BOYCE F. MARTIN, JR., Circuit Judge.

This case is before us once again on remand from the Supreme Court. In Basic Inc. v. Levinson, 485 U.S. 224, 108 S.Ct. 978, 99 L.Ed.2d 194 (1988), the Supreme Court rejected this court's standard of materiality that when a company denies the existence of ongoing acquisition discussions, those discussions, whether material or not, become material by virtue of the statement denying their existence...

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