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FRIEDMAN v. MOHASCO CORP.

No. 823, Docket 90-7666.

929 F.2d 77 (1991)

Carole D. FRIEDMAN, William B. Weinberger, Martin and Carole Gerstenbluth, Paul Gerstenbluth, Edward and Judith Glueck, Adriene Zicklin, Lawrence Zicklin, Neuberger & Berman, Furman Selz Mager Diets & Birney, Inc., Marshall Wolf, Ira Neaman, and Mayer Horowitz, Plaintiffs-Appellants, v. MOHASCO CORPORATION, MHS Holdings Corporation, MHS Acquisition Corporation, Bruce C. Bruckmann, Thomas F. Creamer, Anthony C. Howkins, MHS Merger Corporation, Citicorp Venture Capital Ltd., and Citicorp Investors, Ltd., Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided April 1, 1991.

Attorney(s) appearing for the Case

Scott W. Fisher, New York City (Wolf Popper Ross Wolf & Jones, Garwin Bronzaft Gerstein & Fisher, Milberg Weiss Bershad, Specthrie & Lerach, Abbey & Ellis, New York City, Berger & Montague, Philadelphia, Pa., Pomerantz, Levy, Haudek, Block & Grossman, Trief & Olk, New York City, Meredith & Cohen, Philadelphia, Pa., Greenfield & Chimicles, Haverford, Pa., Olshan Grundman Frome Rosenzweig & Orens, Lowey Dannenberg Bemporad Brachtl & Selinger, Joseph Tabacco, New York City, and Gross, Sklar & Metzger, Philadelphia, Pa., on the brief), for plaintiffs-appellants.

Melvin A. Schwarz, New York City (Cara S. Schoen, Dechert Price & Rhoads, Kenneth M. Kramer, Shearman & Sterling, Thomas W. Pippert, Patterson, Belknap, Webb & Tyler, Paul K. Rowe, Wachtell, Lipton, Rosen & Katz, New York City, on the brief), for defendants-appellees.

Before FEINBERG, TIMBERS and NEWMAN, Circuit Judges.

JON O. NEWMAN, Circuit Judge:

The named plaintiffs, representing shareholder classes, appeal from the July 16, 1990, judgment of the District Court for the Southern District of New York (Richard Owen, Judge) dismissing for failure to state a claim their suit alleging fraud and breach of fiduciary duties. The essence of the claim is that the defendants fraudulently promised that debentures to be issued to complete a merger would trade at a stated price. Since the documents...

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