LAY, Circuit Judge. The four cases here considered are actions brought under Securities and Exchange Commission Rule 10b-5, 17 C.F. R. § 240.10b-5 (hereinafter Rule 10b-5), which implements Section 10(b) of the Securities Exchange Act of 1934, 15 U.S. C. § 78a et seq., arising out of the sale of stock of a closed corporation. Trial was held before a jury and jury verdicts totaling $411,000 were returned in favor <…
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