Robert LUCIA, et al., Plaintiffs, Appellants,
v.
PROSPECT STREET HIGH INCOME PORTFOLIO, INC., et al., Defendants, Appellees.
Eric MILLER, et al., Plaintiffs, Appellants,
v.
The NEW AMERICAN HIGH INCOME FUND, et al., Defendants, Appellees.
United States Court of Appeals, First Circuit.https://leagle.com/images/logo.png
Heard February 10, 1994.
Decided September 28, 1994.
Attorney(s) appearing for the Case
Eugene A. Spector, with whom Robert M. Roseman, Mark S. Goldman, Robert G. Eisler, Spector & Roseman, Philadelphia, PA, Nancy Gertner, Jody L. Newman, Dwyer, Collora & Gertner, Boston, MA, Garwin, Bronzaft, Gerstein & Fisher, New York City, Elwood S. Simon & Associates, Elwood S. Simon, Bloomfield Hills, MI, Wechsler, Skirnick Harwood, Halebian & Feffer, Robert I. Harwood, New York City, Levin, Fishbein, Sedran & Berman, Arnold Levin, Esq., Kohn, Nast & Graf, P.C., Robert S. Kitchenoff, Philadelphia, PA, Chertow & Miller, Marvin Miller, Chicago, IL, Shapiro Grace & Haber, and Edward Haber, Boston, MA, were on brief, for appellants.
Thomas J. Dougherty, with whom Skadden, Arps, Slate, Meagher & Flom, Boston, MA, was on brief, for appellees Messrs. Omohundro, Frabotta, Carey, Cote, Meyohas and Platt.
John D. Donovan, Jr., with whom Ivan B. Knauer, Timothy J. Hinkle, Kurt S. Kusiak, and Ropes & Gray, Boston, MA, were on brief, for appellees The New High Income Fund, Inc., Patricia Ostrander, Ellen Terry, and Richard E. Floor.
Robert A. Buhlman, with whom Gerald F. Rath and Bingham, Dana & Gould, Boston, MA, were on brief, for Prudential Securities Inc.
Peter M. Saparoff and Palmer & Dodge, Boston, MA, were on brief, for appellees Ernest E. Monrad, Joseph L. Bower, Bernard J. Korman, and Franco Modigliani.
Paul C. Madden, Paul D. Shaffner, David Moffitt, and Saul, Ewing, Remick & Saul, Philadelphia, PA, were on brief, for appellees Butcher Corp. and Bateman Eichler, Hill Richards, Inc.
Harry L. Manion, III, Thomas G. Guiney, and Cooley, Manion, Moore & Jones, P.C., Boston, MA, were on brief, for appellee Ostrander Capital Management Corp.
Eric A. Deutsch, Margaret A. Flanagan, and Testa, Hurwitz & Thibeault, Boston, MA, were on brief, for Prospect Street High Income Portfolio, Inc. and Prospect Street Inv. Management Co., Inc.
Before CYR, Circuit Judge, ALDRICH, Senior Circuit Judge, and STAHL, Circuit Judge.
United States Court of Appeals, First Circuit.
STAHL, Circuit Judge.
In the late 1980's, plaintiffs-appellants purchased shares of two separate "junk bond" funds. After the value of the purchased shares plummeted, plaintiffs alleged various federal securities law violations. In a series of related rulings, the district court dismissed some of plaintiffs' allegations for failure to state a claim, and granted summary judgment in favor of defendants on all remaining claims. We affirm in part and reverse in part....
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