BALLAN v. WILFRED AMERICAN EDUCATIONAL CORP.

No. 88 C 3921.

720 F.Supp. 241 (1989)

Eli BALLAN, Plaintiff, v. WILFRED AMERICAN EDUCATIONAL CORPORATION, Albert H. Brodkin, Philip E. Jakeway, Jr., Francis C. Rooney, Jr., Dominick A. Albano, Anthony B. Colletti, Lloyd Frank, Philip E. Jakeway III, Ann D. Lovatt, and James W. Moore, Defendants.

United States District Court, E.D. New York.

August 30, 1989.


Attorney(s) appearing for the Case

Rabin & Sirota (Zachary Alan Starr, of counsel), New York City, for plaintiff.

Parker Chapin Flattau & Klimpl (Stephen G. Rinehart, of counsel), New York City, for defendant Wilfred American Educational Corp.

Herbert L. Scharf, Woodmere, N.Y., for defendants Brodkin and Frank.

Scheffler Karlinsky & Stein (Robert P. Stein, Ronald D. Lefton, and Lori A. Friedman, of counsel, New York City, for defendants Jakeway, Jr., Jakeway III, Colletti, and Lovatt.

Debevoise & Plimpton (Asa Rountree, John G. Koeltl, and Edwin G. Schallert, of counsel), New York City, for defendants Rooney and Albano.


MEMORANDUM AND ORDER

NICKERSON, District Judge.

Plaintiff brought this action under §§ 10(b) and 20(a) of the Securities Exchange Act (the Act), 15 U.S.C. §§ 78j(b), 78t(a) (1982), Rule 10b-5 promulgated under § 10(b), 17 C.F.R. § 240.10b-5 (1988), and common law. The complaint alleges that defendants did not disclose their failure to comply with government regulations and the potential consequences of government investigations...

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