COOKE v. MANUFACTURED HOMES, INC.

No. 93-1005.

998 F.2d 1256 (1993)

J. Scott COOKE; Sanford H. Rudolph; William MacKay; Joseph W. Burns, Trustee of the estate in bankruptcy of Manufactured Homes, Incorporated, All on behalf of themselves and all persons who purchased stock of Manufactured Homes, Inc. between May 2, 1988 and June 27, 1990, excluding Manufactured Homes, Inc. (and its subsidiaries, affiliates, and divisions) and the individual defendants and their immediate families, Plaintiffs-Appellants, v. MANUFACTURED HOMES, INCORPORATED; Robert M. Sauls; Kenneth A. Hathaway; Jeffrey J. Brown; Robert A. Brown; Wayne F. Sloop; Robert L. Berner; David B. Whelpley, Defendants-Appellees, and Harald Bakkebo, Defendant.

United States Court of Appeals, Fourth Circuit.

Decided July 9, 1993.

Amended by Order Filed July 21, 1993.


Attorney(s) appearing for the Case

Norman Barrett Smith, Smith, Follin & James, Greensboro, NC, argued (Margaret Rowlett, on brief), for plaintiffs-appellants.

Peter Joseph Juran, House & Blanco, P.A., Winston-Salem, NC, argued (Reginald F. Combs, on brief), for defendants-appellees.

Before WILKINS, Circuit Judge, SPROUSE, Senior Circuit Judge, and HALLANAN, United States District Judge for the Southern District of West Virginia, sitting by designation.


OPINION

WILKINS, Circuit Judge:

J. Scott Cooke, as representative for a class of investors in Manufactured Homes, Incorporated (MH) stock, appeals the grant of summary judgment in favor of MH.1 Appellants brought four claims for violations of federal securities law: (1) violations of § 10(b) of the Securities Exchange Act of 1934 (Exchange Act), 15 U.S.C.A. § 78j(b) (West 1981), and Rule 10b-5 promulgated thereunder...

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