United States First Circuit

District court improperly dismissed breach of fiduciary duty claims without taking account of allegations that employer artificially inflated the price of its stock by concealing internal problems.

Appellate Information

• Decided 05/07/2004
• Published 05/07/2004

Judges

• HOWARD, Circuit Judge., Before TORRUELLA, LOURIE  and HOWARD, Circuit Judges.

Court

• United States First Circuit

Counsel

• For Appellant:
  
• Lee Squitieri, with whom Squitieri & Fearon, LLP, David J. Strachman, McIntyre, Tate, Lynch & Holt, LLP, Charles J. Piven, Law Offices of Charles Piven P.A., Joe R. Whatley, Jr., Whatley Drake LLC, Kenneth A. Wexler, and The Wexler Firm, were on brief, for appellants., Karl G. Nelson, with whom William J. Kilberg, Mitchell A. Karlan, Gibson, Dunn & Crutcher LLP, John A. Tarantino, Paul V. Curcio, and Adler, Pollock & Sheehan P.C., were on brief, for Textron Inc., Textron Savings Plan, and Textron Savings Plan Committee., James S. Dittmar, P.C., with whom James O. Fleckner, John J. Cleary, P.C. (Of Counsel), Daniel P. Condon (Of Counsel), and Goodwin Procter, LLP, were on brief, for Putnam Fiduciary Trust Company.