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DOUGHERTY v. CARVER FEDERAL SAV. BANK

No. 110, Docket 96-7131.

112 F.3d 613 (1997)

Robert L. DOUGHERTY, on his own behalf and on behalf of all those similarly situated; Norman Gomberg; Joseph Uminer, Plaintiffs-Appellants, v. CARVER FEDERAL SAVINGS BANK; Capital Resources, Inc.; Capital Resources Group, Inc.; Richard T. Greene; M. Moran Weston; David R. Jones; Benjamin W. Watkins; Herman Johnson; Biswarup Mukherjee; Howard R. Dabney; Margaret R. Lewis, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Submitted November 14, 1996.

Decided April 30, 1997.

Attorney(s) appearing for the Case

Richard A. Finberg, Pittsburgh, Pennsylvania (Eric T. Smith, Malakoff Doyle & Finberg, Pittsburgh, Pennsylvania; Bruce E. Gerstein, Barry S. Taus, Garwin, Bronzaft, Gerstein & Fisher, New York City; James E. Bauman, Mallery & Zimmerman, Milwaukee, Wisconsin, of counsel), for Plaintiffs-Appellants.

Daniel A. Pollack, New York City (Martin I. Kaminsky, Edward T. McDermott, Raymond L. Bruce, Pollack & Kaminsky, New York City; Clark R. Silcox, Steele, Silcox & Browning, Washington, DC, of counsel), for Defendants-Appellees.

Richard H. Walker, Washington, DC (Jacob H. Stillman, Susan S. McDonald, Angel Yang, Paul Gonson, Securities and Exchange Commission, Washington, DC, of counsel), submitted a brief on behalf of The Securities and Exchange Commission as Amicus Curiae.

Aaron B. Kahn, Washington, DC (Carolyn J. Buck, Thomas J. Segal, Office of Thrift Supervision, Washington, DC, of counsel), submitted a letter brief on behalf of The Office of Thrift Supervision as Amicus Curiae.

Before: FEINBERG, CARDAMONE, and McLAUGHLIN Circuit Judges.

CARDAMONE, Circuit Judge.

This appeal arises out of the conversion by defendant Carver Federal Savings Bank (Carver or Bank) from the mutual to the stock form of ownership in the fall of 1994. In connection with that transaction, Carver issued 2,314,375 shares of common stock to investors at a price of $10 per share. Plaintiffs Robert L. Dougherty, Joseph Uminer and Norman Gomberg each subscribed for and purchased Carver stock at the $10 price, purchasing respectively...

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