Burns
Securities & Exchange Commission v. Burns
Opinion
Opinion
Irving, J.
AMENDED MEMORANDUM DECISION AND ORDER DISMISSING COUNT V WITHOUT PREJUDICE
I.
INTRODUCTION
This action was brought by the Securities and Exchange Commission seeking injunctive relief for alleged violations of the federal securities laws by Richard L. Burns and David W. Watt. Watt consented to the entry of a permanent injunction and the case has proceeded against Burns. Burns moves, pursuant to Fed.R.Civ.P. 56, for summary judgment on Count V of the complaint, which charges him with violations of Rule 10b-6, 17 C.F.R. § 240 .10b-6 (1980). Count V alleges Burns induced other persons to purchase common stock of Nucorp Energy, Inc. (“Nucorp”), while a distribution of Nucorp common stock was in progress. At the time of the alleged inducement, Burns was Chairman of the Board of Directors and Chief Executive Officer of Nucorp.
II.
MOTION TO AMEND THE JUDGMENT
By memorandum decision and order entered September 7,1984, this court granted Burns’ motion for summary judgment. On September 17,1984, the Commission moved to amend the judgment pursuant to Fed.R. Civ.P. 15(a), 59(e). Having considered the pleadings, memoranda, and oral argument of counsel, the court now finds the motion to…