LEWIS R. MORGAN, Senior Circuit Judge: The District Court for the Southern District of Georgia concluded that appellants Fred C. Tallant, Sr., and William M. Wom-ack, Jr., violated Rule 10b-5, as adopted and promulgated by the Securities Exchange Commission pursuant to Section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), in connection with the sale of class A common stock of the Preferred Land Corporatio…
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