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MCG, INC. v. GREAT WESTERN ENERGY CORP.

No. 88-7004.

896 F.2d 170 (1990)

MCG, INC., et al., Plaintiffs-Appellants, v. GREAT WESTERN ENERGY CORP., et al., Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

March 16, 1990.

Attorney(s) appearing for the Case

Rodney Lee Dockery, President, MCG, Inc., James Russell Tucker, J. Michael Tibbals, Dallas, Tex., for plaintiffs-appellants.

Michael Keeley, Strasburger & Price, Sidney Powell, Dallas, Tex., for Great Western Energy, et al.

Vincent Walkowiak, Fulbright & Jaworski, Wm. Christopher Carmody, Dallas, Tex., for Brown, Shipley.

Before GARZA, REAVLEY and POLITZ, Circuit Judges.

POLITZ, Circuit Judge:

Finding that it lacked subject matter jurisdiction the district court dismissed the claims of MCG, Inc., Pelco, Inc., Heritage, Inc., Bard, Inc., and Venture, Inc. (collectively MCG), for damages arising out of alleged securities fraud. MCG timely appealed. Concluding that the federal securities laws do not extend to persons who purchase stock available only on foreign markets in a wholly foreign transaction, we affirm.

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