Mount Clemens Industries, Inc. v. O. M. Bell

464 F.2d 339 Fed. Sec. L. Rep. P 93,552 MOUNT CLEMENS INDUSTRIES, INC., a corporation, Mt. Clemens Corporation (formerly Buckeye Corporation), a corporation, Petitioner-Appellants, v. O. M. BELL et al., Respondents-Appellees. No. 71-1318. United States Court of Appeals, Ninth Circuit. June 28, 1972. Lawrence Teplin (argued), of Leslie, Rubin & Teplin, Beverly Hills, Cal., for petitioners-appellants. Thomas B. Moss (argued), of Voegelin & Barton, Los Angeles, Cal., for respondents-appellees. Before CHAMBERS, KOELSCH and ELY, Circuit Judges. ELY, Circuit Judge: 1 This appeal presents, for the first time in our court, the issue of whether there is a requirement in a private action for damages under Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. Sec. 78j(b), 1 and Securities and Exchange Commission Rule 10b-5, 17 C.F.R. Sec. 240.10b-5, 2 that the plaintiff be a purchaser or seller of the securities with respect to which he claims that actionable fraud has occurred. 2 ***** 3 * * * 4 The appellants, Mount Clemens Industries [MCI] and Mount Clemens Corporation, sought recovery of money damages in the District Court, claiming that they were precluded from bidding…