ROYAL BUSINESS GROUP, INC. v. REALIST, INC.

No. 90-2228.

933 F.2d 1056 (1991)

ROYAL BUSINESS GROUP, INC., et al., Plaintiffs, Appellants, v. REALIST, INC., et al., Defendants, Appellees.

United States Court of Appeals, First Circuit.

Decided May 22, 1991.


Attorney(s) appearing for the Case

Edward P. Leibensperger, with whom Virginia A. Bonesteel, Julie A. Trachten, and Nutter, McClennen & Fish, Boston, Mass., were on brief, for plaintiffs, appellants.

Maureen A. McGinnity, with whom Michael Fischer, Foley & Lardner, Milwaukee, Wis., David L. Kelston, and Friedman & Atherton, Boston, Mass., were on brief, for defendants, appellees.

Before CAMPBELL and SELYA, Circuit Judges, and BOWNES, Senior Circuit Judge.


SELYA, Circuit Judge.

This case requires us to consider whether a proxy contestant has standing to sue under Section 14(a) of the Securities Exchange Act of 1934, 15 U.S.C. § 78n(a), for allegedly false and misleading statements contained in management's proxy materials. Because we are convinced that Congress did not intend proxy contestants to have a private right of action as such under Section 14(a), and because the complaint before us does not state a cognizable...

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