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FISTEL v. CHRISTMAN

135 F.Supp. 830 (1955)

Abraham L. FISTEL, a stockholder of Follansbee Steel Corporation, suing on behalf of himself and all other stockholders similarly situated and on behalf of and in the right of Follansbee Steel Corporation, Plaintiffs, v. C. E. CHRISTMAN and Follansbee Steel Corporation, Defendants.

United States District Court S. D. New York.

October 19, 1955.

Attorney(s) appearing for the Case

Morris J. Levy, New York City, for plaintiffs.

Joseph Lotterman, and Ralph R. Weiser, New York City, for C. E. Christman.

Kelley, Drye, Newhall & Maginnes, New York City, for Follansbee Steel Corp., Francis S. Bensel, and W. Frederick Knecht, New York City, of counsel.

WEINFELD, District Judge.

Plaintiff brings this action as a stockholder of the defendant Follansbee Steel Corporation pursuant to § 16(b) of the Securities Exchange Act of 1934, 15 U. S.C.A. § 78p(b), to recover profits allegedly realized by the defendant Christman, a director of Follansbee, on the purchase and sale of its securities within a six month period.

On June 4, 1948 Christman sold to Follansbee 4,217 shares of Federal Enamel & Stamping...

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