Fed. Sec. L. Rep. P 94,904 William H. Marx and Florence Marx, His Wife v. Computer Sciences Corporation

The plaintiffs (hereinafter Marx) appeal from a summary judgment for defendant Computer Sciences Corporation (CSC) on plaintiffs’ claim for damages allegedly resulting from the violation of Section 10(b) of the Securities and Exchange Act of 1934 (15 U.S.C. § 78j(b)) and Rule 10b-5 of the Securities and Exchange Commission and from the denial of plaintiffs’ cross-motion for partial summary judgment on the issue of liability.

Marx predicates his claim upon an earnings forecast made by CSC. His contention in substance is that the forecast was not in accordance with the requirements of § 10(b) of the Act and Rule 10b-5, in that it was both “untrue” and omitted material facts required to make it “not misleading.”

“Summary judgment of course is proper only where there is no genuine issue of any material fact or where viewing the evidence and the inferences which may be drawn therefrom in the light most favorable to the adverse party, the movant is clearly entitled to prevail as a matter of law.” Stansifer v. Chrysler Motors Corporation, 487 F.2d 59, 63 (9th Cir. 1973). We thus turn to the record to ascertain from the “pleadings, depositions, answers to interrogatories, and…