[Download] "Simmons v. Wolfson" by United States Court Of Appeals For The Sixth Circuit ~ Book PDF Kindle ePub Free

July 14, 2021

eBook details

Title: Simmons v. Wolfson
Author : United States Court Of Appeals For The Sixth Circuit
Release Date : January 07, 1970
Genre: Law,Books,Professional & Technical,
Pages : * pages
Size : 52 KB

Description

Appellants were owners of shares of common stock in Merritt-Chapman & Scott Corporation, a corporation whose shares were registered and listed on the New York Stock Exchange. Appellants instituted separate, identical actions in the District Court under the provisions of the Securities Act of 1933 (15 U.S.C. Â§Â§ 77a et seq.), the Securities Exchange Act of 1934 (15 U.S.C. Â§Â§ 78a et seq.), and Rule 10b-5 of the Securities and Exchange Commission. In these actions appellants asserted a claim for damages against the officers and directors of the corporation and others, for impairment of the value of their shares of stock resulting from an alleged fraudulent conspiracy of the defendants to commit acts which violated the above statutes and rule of the Commission. These acts included alleged secret agreements whereby certain defendants (not officers or directors of the corporation) purchased large numbers of shares of stock of the corporation and sold the shares to the corporation at great profit to themselves and the other defendants, after manipulating the stock market so that the market value of the stock when its was purchased by the corporation was in excess of its true value; that the officers and directors of the corporation engaged in a number of other fraudulent transactions; that these transactions resulted in substantial losses to the corporation; and that said officers and directors issued fraudulent reports and financial statements and concealed their fraudulent practices.