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BACKMAN v. POLAROID CORP.

Nos. 89-1171, 89-1172.

910 F.2d 10 (1990)

Irving A. BACKMAN, et al., Plaintiffs, Appellees, v. POLAROID CORPORATION, Defendant, Appellant. Irving A. BACKMAN, et al., Plaintiffs, Appellants, v. POLAROID CORPORATION, Defendant, Appellee.

United States Court of Appeals, First Circuit.

Decided August 2, 1990.

Attorney(s) appearing for the Case

John R. Hupper, with whom Frederick A.O. Schwarz, Jr., James L. Buchal, David E. Sternberg, Cravath, Swaine & Moore, James E. Tolan, William K. Dodds, Rodney M. Zerbe, Olwine, Connelly, Chase, O'Donnell & Weyher, Stephen D. Poss and Goodwin, Procter & Hoar, were on brief, for Polaroid Corp.

Thomas J. Dougherty, Skadden, Arps, Slate, Meagher & Flom, Patrick W. Hanifin and New England Legal Foundation, on brief, for Associated Industries of Mass. and the New England Foundation, amici curiae.

Stanley Keller and Palmer & Dodge, on brief, for Business Law Section of Boston Bar Ass'n, amici curiae.

John D. Donovan, Jr., Mark P. Szpak and Ropes and Gray, on brief, for New England Corporate Counsel Ass'n and American Corporate Counsel Ass'n (Northeast Chapter), amici curiae.

Thomas G. Shapiro, with whom Carolyn Grace, Shapiro, Grace & Haber, Richard B. Dannenberg, David C. Harrison, Lowey, Dannenberg, Bemporad, Brachtl & Selinger, P.C., Ronald Litowitz, Bernstein Litowitz Berger & Grossmann, Arthur N. Abbey, and Abbey & Ellis, were on brief, for Irving A. Backman, et al.

Before BREYER, Chief Judge, ALDRICH, Senior Circuit Judge, CAMPBELL, Circuit Judge, BOWNES, Senior Circuit Judge, TORRUELLA, SELYA and CYR, Circuit Judges.

BAILEY ALDRICH, Senior Circuit Judge.

This is a class action brought by Irving A. Backman on behalf of himself and all other persons who purchased shares of stock of defendant Polaroid Corporation on the open market between January 11 and February 22, 1979, allegedly misled by defendant's conduct that violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 of the regulations promulgated thereunder. Suit was filed in June, 1979. The case came on...

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