SHAPIRO v. UJB FINANCIAL CORP.

No. 91-5153.

964 F.2d 272 (1992)

Irwin SHAPIRO, on behalf of himself and all others similarly situated v. UJB FINANCIAL CORP.; T. Joseph Semrod; and John R. Haggerty, Irwin Shapiro, Robert Bassman, Jerome Katz, Norman Salsitz, Jean Lee, Executrix of the Estate of Calvin Lee, and Chappaqua Family Trust, Appellants.

United States Court of Appeals, Third Circuit.

Decided May 20, 1992.

As Amended May 28, 1992.

Rehearing and Rehearing Denied July 7, 1992.


Attorney(s) appearing for the Case

Leonard Barrack (argued), Gerald J. Rodos, Barrack, Rodos & Bacine, Philadelphia, Pa., Kenneth A. Jacobsen (argued), Greenfield & Chimicles, Haverford, Pa., Robert M. Roseman, Rudolph, Seidner, Goldstein, Salmon, P.C., Eugene A. Spector, Eugene A. Spector & Associates, Philadelphia, Pa., Susan S. Thomas, Zlotnick & Thomas, Bala Cynwyd, Pa., Robert A. Skirnick, Wechler, Skirnick, Harwood, Halebian & Feffer, New York City, for appellants.

Frederic K. Becker, Wilentz, Goldman & Spitzer, Woodbridge, N.J., Irwin H. Warren, Dennis J. Block (argued), Weil, Gotshal & Manges, New York City, for appellees.

Before: BECKER and SCIRICA, Circuit Judges and VanARTSDALEN, District Judge.


Rehearing and Rehearing En Banc Denied July 7, 1992.

OPINION OF THE COURT

SCIRICA, Circuit Judge.

This case is one of a number of federal securities actions against financially troubled banking institutions. After a sharp downturn in the financial condition of defendant UJB Financial Corporation, its shareholders filed a complaint alleging violations of §§ 11, 12(2), and 15 of the Securities Act of 1933 and §§ 10(b), 14(a) and...

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