HAYES v. GROSS

No. 92-1022.

982 F.2d 104 (1992)

F.W. HAYES, on behalf of himself and all others similarly situated v. Jay M. GROSS; Nathaniel D. Gross; Samuel Feinberg; David E. Fisher; Joseph E. Levine; Jerome Pomerantz; Glenn S. Suplee, Frank W. Hayes, Appellant.

United States Court of Appeals, Third Circuit.

Decided December 29, 1992.


Attorney(s) appearing for the Case

Kenneth A. Jacobsen (argued), Christopher T. Reyna, Ira Neil Richards, Robin Resnick, Greenfield & Chimicles, Haverford, PA, for appellant Frank W. Hayes.

Richard H. Glanton, Carolyn P. Short (argued), Thomas J. Marshall, Reed, Smith, Shaw & McClay, Philadelphia, PA, for amicus curiae The Resolution Trust Corp.

Before SLOVITER, Chief Judge, and STAPLETON and ROSENN, Circuit Judges.


OPINION OF THE COURT

STAPLETON, Circuit Judge:

I.

In this appeal, we consider whether plaintiff-appellant F.W. Hayes ("plaintiff") has stated a claim under the federal securities laws against officers and directors of Bell Savings Bank ("Bell"), a state-chartered savings association in the receivership of the Resolution Trust Company ("RTC"). Plaintiff alleges in his amended complaint that defendants knowingly or recklessly misrepresented the financial...

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