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BASTIAN v. PETREN RESOURCES CORP.

No. 88-3299.

892 F.2d 680 (1990)

R. Richard BASTIAN, III, et al., Plaintiffs-Appellants, v. PETREN RESOURCES CORPORATION, et al., Defendants-Appellees.

United States Court of Appeals, Seventh Circuit.

Decided January 9, 1990.

Attorney(s) appearing for the Case

Shelly B. Kulwin, Michael H. Moirano (argued), Nisen & Elliott, and James E. Dahl, Dahl & Moirano, Chicago, Ill., for plaintiffs-appellants.

Delilah Brummet, Kirkland & Ellis, William O'Connor, Zukowski, Rogers, Flood, McArdle & O'Connor, Stephen Novack (argued), Donald A. Tarkington, and Mitchell L. Marinello, Novack & Macey, Chicago, Ill., for defendants-appellees.

Before BAUER, Chief Judge, POSNER, Circuit Judge, and ESCHBACH, Senior Circuit Judge.

POSNER, Circuit Judge.

In 1981 the plaintiffs invested $600,000 in oil and gas limited partnerships promoted by the defendants. The plaintiffs allege that, had it not been for the offering memoranda's misrepresentations and misleading omissions concerning the defendants' competence and integrity, the plaintiffs would not have invested in these partnerships, which by 1984 were worthless. The original complaint charged violations of Rule 10b-5 of the Securities and...

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