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OSHER v. RIDINGER

No. COA03-173.

589 S.E.2d 905 (2004)

David OSHER, Plaintiff, v. James H. RIDINGER, Loren A. Ridinger, Martin L. Weissman, and Market America, Inc., Defendants.

Court of Appeals of North Carolina.

January 6, 2004.

Attorney(s) appearing for the Case

Lesesne & Connette, by Edward G. Connette, and Schiffrin & Barroway, LLP, by Gregory M. Castaldo, pro hac vice, for plaintiff-appellant.

Womble Carlyle Sandridge & Rice, PLLC, by Pressly M. Millen, for defendant-appellees.

Smith, Anderson, Blount, Dorsett, Mitchell & Jenrigan, L.L.P., by Carl N. Patterson, Jr. and J. Mitchell Armbruster, on behalf of the North Carolina Biosciences Organization, the Council for Entrepreneurial Development, the Piedmont Entrepreneurs Network, and the Metrolina Entrepreneurial Council, amici curiae.

EAGLES, Chief Judge.

Plaintiff was a minority public shareholder of Market America, Inc. The individual defendants, James and Loren Ridinger and Martin Weissman, were the only members of Market America's board of directors. On or about 17 October 2001, the Ridingers, who at that time collectively owned 78% of the outstanding shares of common stock of Market America, announced their intention to acquire all of Market America's common stock that they did not already...

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