Stewart v. Ragland

934 F.2d 1033 59 USLW 2728 , Fed. Sec. L. Rep. P 95,918 Ronald E. STEWART; John A. Gromala; John E. Donohue; Gerald R. Harland; Keith S. Humphreys; John D. Drake; Tom DuFour; Roger Sohnrey; Oklahoma Energy Investors; S & H Diversified; Sohnrey Bros., Plaintiffs-Appellees, v. James A. RAGLAND, Defendant-Appellant. No. 89-16114. United States Court of Appeals, Ninth Circuit. Argued and Submitted Dec. 13, 1990. Decided May 9, 1991. As Amended June 13, 1991. As Amended on Denial of Rehearing and Rehearing En Banc Aug. 30, 1991. Jack R. Durland, Jr., Berry & Durland, Oklahoma City, Okl., for defendant-appellant. John D. Barr, Marc C. Barulich, Barr, Newlan & Sinclair, Redding, Cal., for plaintiffs-appellees. Appeal from the United States District Court for the Eastern District of California. Before SNEED, SCHROEDER and CANBY, Circuit Judges. SNEED, Circuit Judge: 1 This purports to be a securities fraud case based on a failed oil and gas venture. Defendant James Ragland, president of an Oklahoma oil and gas company, sold working interests in wells to the plaintiffs. Plaintiffs are all friends and associates of each other, many of whom have invested extensively in energy…