Green v. Occidental Petroleum Corp.
United States Court of Appeals for the Ninth Circuit
541 F.2d 1335 (1976)
- Written by John Caddell, JD
Facts
A group of current and former shareholders (plaintiffs) of Occidental Petroleum Corp. (Occidental) (defendant) sued Occidental. The shareholders argued that Occidental had defrauded them in violation of SEC Rule 10b-5, and they sought certification as a class. The shareholders alleged that Occidental’s directors had made false statements and provided misleading information, causing Occidental’s stock to be artificially inflated. The proposed class members had all purchased stock during a five-year span when the alleged misinformation had been spread. The trial court certified the class. The defendants appealed, arguing that class certification was an abuse of discretion.
Rule of Law
Issue
Holding and Reasoning (Per curiam)
Concurrence (Snead, J.)
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