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Fradkin v. Ernst
United States District Court for the Northern District of Ohio
571 F. Supp. 829 (1983)
Mohawk Rubber Company’s directors approved a stock option plan for the company’s senior executives. William Ernst and other directors (defendants) issued a proxy statement describing the plan to the company’s shareholders. The shareholders approved the plan. Fradkin and other shareholders (plaintiffs) brought suit, claiming that the proxy statement violated Securities and Exchange Commission (SEC) Rule 14a-9. The directors claimed that the shareholders must demonstrate that the directors acted with scienter to hold them liable under Rule 14a-9.
Rule of Law
Holding and Reasoning (Dowd, J.)
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