Eisenstadt v. Centel Corp.

113 F.3d 738, 745-746 (1997)

From our private database of 46,100+ case briefs, written and edited by humans—never with AI.

Eisenstadt v. Centel Corp.

United States Court of Appeals for the Seventh Circuit
113 F.3d 738, 745-746 (1997)

Play video

Facts

Centel Corporation (Centel) (defendant) planned its own sale through a competitive auction with the help of two investment-banking firms. After announcing that the firms were assisting with the sale, Centel’s stock price rose from $37 to $48 per share. However, there were no interested bidders for the purchase of Centel. Despite the lack of interest, Centel maintained an optimistic image in regards to the sale by issuing press announcements that described the process as going smoothly. Only seven bids were made for the purchase of Centel, all of which were low and ultimately rejected by Centel. A sale was negotiated with a non-bidder at $33.50 per share. Subsequently, a class action was brought by stock purchasers (plaintiffs), who claimed that investors had been misled by Centel’s optimistic press announcements. The district court granted summary judgment for Centel, and the plaintiffs appealed.

Rule of Law

Issue

Holding and Reasoning (Posner, C.J.)

What to do next…

  1. Unlock this case brief with a free (no-commitment) trial membership of Quimbee.

    You’ll be in good company: Quimbee is one of the most widely used and trusted sites for law students, serving more than 748,000 law students since 2011. Some law schools—such as Yale, Berkeley, and Northwestern—even subscribe directly to Quimbee for all their law students.

    Unlock this case briefRead our student testimonials
  2. Learn more about Quimbee’s unique (and proven) approach to achieving great grades at law school.

    Quimbee is a company hell-bent on one thing: helping you get an “A” in every course you take in law school, so you can graduate at the top of your class and get a high-paying law job. We’re not just a study aid for law students; we’re the study aid for law students.

    Learn about our approachRead more about Quimbee

Here's why 748,000 law students have relied on our case briefs:

  • Written by law professors and practitioners, not other law students. 46,100 briefs, keyed to 987 casebooks. Top-notch customer support.
  • The right amount of information, includes the facts, issues, rule of law, holding and reasoning, and any concurrences and dissents.
  • Access in your classes, works on your mobile and tablet. Massive library of related video lessons and high quality multiple-choice questions.
  • Easy to use, uniform format for every case brief. Written in plain English, not in legalese. Our briefs summarize and simplify; they don’t just repeat the court’s language.

Access this case brief for FREE

With a 7-day free trial membership
Here's why 748,000 law students have relied on our case briefs:
  • Reliable - written by law professors and practitioners, not other law students
  • The right length and amount of information - includes the facts, issue, rule of law, holding and reasoning, and any concurrences and dissents
  • Access in your class - works on your mobile and tablet
  • 46,100 briefs - keyed to 987 casebooks
  • Uniform format for every case brief
  • Written in plain English - not in legalese and not just repeating the court's language
  • Massive library of related video lessons - and practice questions
  • Top-notch customer support

Access this case brief for FREE

With a 7-day free trial membership