CAVINESS v. DERAND RESOURCES CORP.

No. 92-1413.

983 F.2d 1295 (1993)

Robert J. CAVINESS; Barry J. Friedman; Brian A. Johnson; Mark H. Tuohey, III; Patrick J. Haley, Jr.; Joseph E. Kampa; Michael Hasten Bowman; Carolyn Ann Bowman; Big Wheel Bikes, Incorporated; Caby C. Smith; Brian J. McGregor; Katherine S. Feghali; Charles L. Frazier; Deborah White; Richard J. Davey; Clifford R. Dunning, Plaintiffs-Appellants, and Jesus D. Tapiador; Kathleen H. Kampa; Michael D. Sendar, Plaintiffs, v. DERAND RESOURCES CORPORATION; Derand Equity Group, Incorporated; Derand Energy Corporation; Arlington Energy Corporation; Derand Corporation of America; Rome Resources Corporation; Derand Investment Corporation of America; Derand/Pennington/Bass, Incorporated; Randall N. Smith; Malcolm R. Rudolph; Denison E. Smith; Dan R. Kiely; William A. Conway; David B. Reese; Carlile and Howell, Incorporated; Marshall Exploration, Incorporated; Kenneth Q. Carlile, Defendants-Appellees, and Daniel C. Snyder; Rebecca J. Poth; Darcy Smith; Lynn Greenhouse; Frank H. Jacobeen, Jr.; Charles H. Chaney; John E. Johnson; Martex Drilling Co.; H & C Well Services, Incorporated; Crosstex Pipeline, Incorporated; Crosstex Pipeline Company; Quinton B. Carlile; T.D. Howell; Steven B. Carlile; James Lyle, Defendants.

United States Court of Appeals, Fourth Circuit.

Decided January 11, 1993.

As Amended January 26, 1993.


Attorney(s) appearing for the Case

Robert Norman Levin, Schweitzer, Bentzen & Scherr, Washington, DC, argued (William C. Dickerson, on brief), for plaintiffs-appellants.

Anthony John Trenga, Hazel & Thomas, P.C., Alexandria, VA, argued (Anne M. Richard, Hazel & Thomas, P.C., Alexandria, VA; Kim J. Askew, Theodore Stevenson, III, Hughes & Luce, L.L.P., Dallas, TX, on brief), for Marshall defendants-appellees.

Howard V.B. Sinclair, Arent, Fox, Kintner, Plotkin & Kahn, Washington, DC, argued (Jason S. Palmer, on brief), for DeRand, defendants-appellees.

Before NIEMEYER and HAMILTON, Circuit Judges, and SPROUSE, Senior Circuit Judge.


OPINION

NIEMEYER, Circuit Judge:

We are presented with questions about the proper application of statutes of limitations to securities fraud claims, the principal issues being whether the three-year period of repose contained in § 13 of the Securities Act of 1933 may be extended by a theory of integration1 or tolled by fraudulent concealment or equitable estoppel. We are also presented...

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