Mace Neufeld Productions, Inc. v. Orion Pictures Corporation

860 F.2d 944 Fed. Sec. L. Rep. P 94,081 MACE NEUFELD PRODUCTIONS, INC., Mace Neufeld,Plaintiffs-Appellants, v. ORION PICTURES CORPORATION; Orion Television Incorporated; Bernard Productions Incorporated; Barney Rosenzweig, Defendants-Appellees. No. 86-6040. United States Court of Appeals, Ninth Circuit. Argued and Submitted Jan. 7, 1988. Decided Nov. 3, 1988. Daniel C. Rosenberg, Santa Monica, Cal., forplaintiffs-appellants. Albert F. Smith, Los Angeles, Cal., for defendants-appellees. Appeal from the United States District Court for the Central District of California. Before PREGERSON, CANBY and WIGGINS, Circuit Judges. CANBY, Circuit Judge: 1 Mace Neufeld Productions, Inc. (Neufeld) appeals the district court's dismissal of its federal securities claim and pendent state law claims against Orion Pictures Corporation, Barney Rosenzweig, et al. (Orion). Neufeld alleges that Orion violated section 10(b) of the Securities Exchange Act of 1934 by fraudulently selling Neufeld an "investment contract," a security under federal securities law. The United States District Court for the Central District of California held that Neufeld's contract with Orion was not a "security" under the Act…