Green v. Occidental Petroleum Corp.
Ninth Circuit
541 F.2d 1335 (1976)
Relevant factsFree
Current and former shareholders of Occidental Petroleum (plaintiffs) sued the company (defendant) alleging its directors made false and misleading statements in violation of SEC Rule 10b-5, artificially inflating the stock price over a five-year period during which the proposed class members had purchased shares; the trial court certified the class, and Occidental appealed, arguing certification was an abuse of discretion.
IssueFree
Whether a class of shareholders alleging securities fraud under SEC Rule 10b-5 was properly certified, and under which subsection of Federal Rule of Civil Procedure 23 certification was appropriate.