Gaines v. Haughton

645 F.2d 761 (1981)

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Gaines v. Haughton

United States Court of Appeals for the Ninth Circuit
645 F.2d 761 (1981)

  • Written by Robert Cane, JD

Facts

Lockheed Aircraft Corporation (Lockheed) (defendant) had been making improper and undisclosed payments to foreign governments and foreign officials. These payments were not disclosed in any regulatory filings or proxy statements made by Lockheed’s board of directors. After these secret payments were discovered, Ora Gaines (plaintiff), a Lockheed shareholder, filed a lawsuit with derivative actions on behalf of Lockheed itself and class actions on behalf of the shareholders against members of Lockheed’s board of directors, including D. J. Haughton (defendant) in the federal district court. The district court dismissed Gaines’s claims and entered summary judgment in favor of Lockheed and a number of Lockheed directors. Gaines appealed.

Rule of Law

Issue

Holding and Reasoning (Ely, J.)

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