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Civil Procedure Keyed to Glannon
Parklane Hosiery Co. v. Shore
Citation:439 U.S. 322 (1979)
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In a prior federal court proceeding, the SEC filed a complaint against Petitioners seeking injunctive relief. The SEC asserted, and the district court found, that Parklane’s proxy statement was materially false and misleading. The federal district court in the SEC’s action entered a declaratory judgment that the proxy statement was materially false and misleading. The Court of Appeals affirmed. Subsequently, Respondent’s filed a stockholder’s class action complaint against the Petitioners, who were the same parties against whom the SEC’s action was filed, alleging violations of various federal securities laws and regulations. In the subsequent action, Respondent moved for partial summary judgment on the issue of the materially false and misleading proxy statement. The district court denied the motion for partial summary judgment. The Court of Appeals reversed. The Supreme Court granted certiorari.
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