Opinion ID: 1277726
Heading Depth: 2
Heading Rank: 2

Heading: The demurrer.

Text: StorMedia and all individual defendants demurred on the ground that the complaint failed to state a cause of action in that it did not allege that the transactions of which it complained took place in this state. StorMedia and Almon demurred on the ground that the complaint failed to state a cause of action because it did not allege that either sold any stock during the class period. Silverman and Eltoukhy demurred on the ground that the complaint failed to state a cause of action because it did not allege that they made any of the statements challenged in the complaint. Lo demurred on the ground that it failed to state a cause of action because the one statement attributed to him was not made to induce the purchase of StorMedia stock or alleged to be false. The superior court overruled the demurrer based on the jurisdictional ground, apparently a reference to the failure to allege that any transaction occurred in this state. It sustained Almon's demurrer with leave to amend. StorMedia's demurrer, on the ground that it did not offer to or sell or purchase securities during the class period, was overruled. The demurrer of Eltoukhy and Silverman on the ground that they did not make any statements was overruled. [5]