In Re Gap Stores Securities Litigation

MEMORANDUM OF OPINION AND ORDER

The thirteen cases involved in this multidistrict securities litigation are before the court on a motion for summary judgment brought by defendant George E. Powell, formerly Vice-President-Distribution of the Gap Stores, Inc. After careful consideration of the briefs and arguments of counsel and the evidence submitted in connection therewith, the court finds that, viewing the evidence and the inferences which may be drawn therefrom in the light most favorable to plaintiffs, the defendant is clearly entitled to prevail as a matter of law.

FACTUAL BACKGROUND

The undisputed facts before the court relevant to this motion demonstrate that George Powell was a lesser member of the Gap management who played, at best, a negligible role in the company’s preparation for its public offering. Powell was employed as Vice-President-Distribution for the Gap Stores, Inc. from November 1974 through November 1976, in which capacity he was primarily responsible for the operation of the company’s warehouse distribution centers. He was also responsible for the security of the physical inventory and the shipment of goods to and from the Gap stores. However, he was not…