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Civil Procedure Keyed to Rowe
Parklane Hosiery Co. v. Shore
Citation:439 U.S. 322 (1979)
CaseCast™ – "What you need to know"
Stockholders of Parklane Hosiery Co. (Defendant), including Shore (Plaintiff), brought a class action against Parklane, alleged that it had issued a materially false and misleading proxy statement in connection with a merger. Before the action came to trial, the SEC filed suit against the same defendants, and in that case the district court entered a declaratory judgment finding that the proxy statement was materially false and misleading in the respects that the plaintiffs alleged. In the current case, the plaintiffs moved for a partial summary judgment, arguing that Parklane should be collaterally estopped from re-litigating the factual issues that had been decided in the previous case.
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