Cramer v. General Telephone & Electronics

443 F. Supp. 516 (1977)

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Cramer v. General Telephone & Electronics

United States District Court for the Eastern District of Pennsylvania
443 F. Supp. 516 (1977)

Facts

Harold Cramer (plaintiff) brought a shareholder derivative suit on behalf of the shareholders of General Telephone & Electronics (General Telephone). Cramer alleged violations of §12(b)(1) of the Securities Exchange Act of 1934 in connection with General Telephone’s application to register a security because General Telephone insufficiently or improperly disclosed certain material facts. General Telephone moved to dismiss the complaint, arguing that Cramer did not satisfy the standing requirements imposed by § 18 of the act for a claim alleging a violation of § 12. Relying on a purportedly analogous case, Cramer responded that an implied right of action exists under § 12 even if the requirements of § 18 have not been met.

Rule of Law

Issue

Holding and Reasoning (Higginbotham, J.)

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