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CRYSTAL v. FOY

No. 80 Civ. 446.

562 F.Supp. 422 (1983)

Gilberte N. CRYSTAL, on behalf of herself and all others similarly situated, Plaintiff, v. Lewis Wilson FOY, Bernard D. Broeker, Albert M. Reed, C. Thompson Stott, Frederick W. West, Jr., C. William Ritterhoff, Richard M. Smith, Charles W. Ganzel, and Bethlehem Steel Corporation, Defendants.

United States District Court, S.D. New York.

April 26, 1983.

Attorney(s) appearing for the Case

Fred Taylor Isquith, Wolf, Haldenstein, Adler, Freeman & Herz, New York City, Richard D. Greenfield, Greenfield & Chimicles, Bala Cynwyd, Pa., Allen D. Black, Fine, Kaplan & Black, Philadelphia, Pa., for plaintiff.

J.R. Hupper, Cravath, Swaine & Moore, New York City, C.H. Barnette, General Counsel, Bethlehem Steel Corp., Bethlehem, Pa., Edwin P. Rome, Blank, Rome, Comisky & McCauley, Philadelphia, Pa., for defendants.

EDWARD WEINFELD, District Judge.

Plaintiff, an attorney with securities law experience, purchased 150 shares of Bethlehem Steel Corporation ("Bethlehem") on July 28, 1977, one day after it announced a reduction in its quarterly dividend from fifty cents to twenty-five cents. On August 18, 1977, following a disastrous flood at its Johnstown, Pennsylvania plant and other adverse factors, Bethlehem announced a plan to improve its profitability, a principal element of...

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