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In re Penn Central Securities Litigation

494 F.2d 528 (1974)

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In re Penn Central Securities Litigation

United States Court of Appeals for the Third Circuit
494 F.2d 528 (1974)

Facts

Certain owners of shares (shareholders) (plaintiffs) in the bankrupt Penn Central Transportation Company (Penn Central) (defendant) brought a lawsuit against Penn Central. The shareholders alleged that Penn Central violated § 13(a) of the Securities Exchange Act of 1934 by disseminating false and misleading financial information in filings with the Securities and Exchange Commission (SEC) in an attempt to inflate the market price of Penn Central’s stock. Specifically, the shareholders alleged they did not sell their shares because Penn Central’s § 13(a) filings were falsely and misleadingly optimistic. Penn Central moved for partial summary judgment on the basis that the shareholders did not meet the standing requirements of § 18 of the act and that there is no implied right of action under § 13(a) for claims that do not satisfy § 18. The district court granted partial summary judgment against the shareholders on their § 13(a) claims.

Rule of Law

Issue

Holding and Reasoning (Rosenn, J.)

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Casebooks

Securities Regulation

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