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GARCIA v. CORDOVA

No. 89-2226.

930 F.2d 826 (1991)

Candido GARCIA; Theresa Ruiz, Special Administrator of the Estate of Fedelina Munoz; Adela Baros, Plaintiffs-Appellees, v. Gil E. CORDOVA, Defendant-Appellant.

United States Court of Appeals, Tenth Circuit.

April 22, 1991.

Attorney(s) appearing for the Case

Ronald Segel of Sutin, Thayer and Browne, Albuquerque, N.M., for defendant-appellant.

John G. Baugh of Eaves, Darling and Porter, P.A., Albuquerque, N.M., for plaintiffs-appellees.

Before MOORE, TACHA, and BRORBY, Circuit Judges.

TACHA, Circuit Judge.

This case, involving a securities fraud claim, requires us to decide whether the purchase of stock by a corporate insider triggered a duty under Rule 10b-5(b) requiring him to disclose to the selling shareholders certain inside information regarding corporate asset appraisals. The district court allowed the securities fraud claim to reach the jury, implying that the defendant had a duty to disclose. Because we find the asset appraisal information...

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