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RIVERS v. WACHOVIA CORP.

No. 10-2222.

665 F.3d 610 (2011)

John M. RIVERS, Jr., Plaintiff-Appellant, v. WACHOVIA CORPORATION; Wells Fargo & Company; G. Kennedy Thompson; Donald K. Truslow; Thomas J. Wurtz; Robert K. Steel; Does 1 Through 25, Defendants-Appellees.

United States Court of Appeals, Fourth Circuit.

Decided: December 22, 2011.

Attorney(s) appearing for the Case

ARGUED: Ian Wesley Freeman , George Trenholm Walker , Pratt-Thomas Walker, PA, Charleston, South Carolina, for Appellant. Robert Walker Fuller, III , Robinson, Bradshaw & Hinson, PA, Charlotte, North Carolina, for Appellees. ON BRIEF: Daniel S. McQueeney, Jr. , Pratt-Thomas Walker, PA, Charleston, South Carolina, for Appellant. Louis Adams Bledsoe, III , Stephen Montgomery Cox , Adam Karl Doerr , Robinson, Bradshaw & Hinson, PA, Charlotte, North Carolina, for Appellees.

Affirmed by published opinion. Judge WILKINSON wrote the opinion, in which Judge MOTZ and Judge DUNCAN joined.

OPINION

WILKINSON, Circuit Judge:

A former shareholder in Wachovia Corporation, appellant John M. Rivers, Jr. seeks to recover personally for the precipitous decline in value of his approximately 100,000 shares of Wachovia stock during the recent financial crisis. The district court, however, dismissed Rivers's suit against Wachovia and four of its senior executives. The court concluded that Rivers's complaint stated a claim derivative of injury to the corporation...

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