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ORDER DENYING IN PART AND GRANTING IN PART DEFENDANTS EICHEN, OLSON, WHITTLER, PROXIMA, VOGT, TAMKIN, ZOEL-LER, AND MINICH’S MOTION TO DISMISS AND GRANTING SEIBER, JOHNSON, NASH, THOMAS AND PARKER’S MOTION TO DISMISS

On March 3, 1997, the above-entitled action came on for hearing upon Defendants’ motions to dismiss the complaint pursuant to Rule 12(b)(6) or 9(b). Upon due consideration of the moving and responding papers and the arguments of counsel therein, and for the reasons discussed below, the Court hereby DENIES in part and GRANTS in part Defendants Eichen, Olson, Whittier and Proxima’s motion to dismiss, DENIES in part and GRANTS in PART Defendants Vogt, Tamkin, Zoeller, and Minich’s motion to dismiss, and GRANTS Defendants Seiber, Johnson, Nash, Thomas and Parker’s motion to dismiss.

I. BACKGROUND

A. Procedural and Factual Background

Próxima Corporation (Próxima) is a San Diego based high-tech company that designs and manufactures multimedia projection equipment that allows users to project images and video directly from a computer or VCR onto a large screen. The instant action is a class action filed on behalf of all purchasers of Próxima common stock between July 26,…