Court Opinion

ID: 9463317
Source: CourtListenerOpinion
Date Created: 2023-08-04 23:02:46.887788+00
Date Added: 2024-06-11T17:38:01.445362
License: Public Domain

*699SETH, Circuit Judge
(concurring specially):
The litigation is between two of the three (or perhaps now two) stockholders of a local corporation. The parties are lawyers who started the business; they are directors of the corporation, and the plaintiff is also a C.P.A. and an officer of the corporation. The parties were close friends and associates. The sale was of a large part of the outstanding stock.
This is certainly not the situation or transaction contemplated by the courts which fashioned the remedy under Rule 10b-5, and it probably does not come within Rule 10b-5 anyway. It is no more than a common law fraud case. Thus I concur in division VI of Judge Doyle’s opinion, and would affirm the trial court on that ground alone.
HILL, Circuit Judge, concurs in Judge SETH’s specially concurring opinion.