United States Fourth Circuit

The district court's dismissal plaintiffs federal securities fraud action is affirmed where plaintiff was an active and knowledgeable executive, rather than a mere passive investor in the company and plaintiff's membership interest was not a security within the meaning of the federal securities laws.

Appellate Information

• Decided 11/13/2003
• Published 11/13/2003

Judges

• Before WILKINSON and GREGORY, Circuit Judges, and HAMILTON, Senior Circuit Judge.

Court

• United States Fourth Circuit

Counsel

• For Appellees:
  
• ARGUED:Richard Louis Brusca, Skadden, Arps, Slate, Meagher & Flom, L.L.P., Washington, D.C., for Appellant.  Timothy Cronin Lynch, Shar, Rosen & Warshaw, L.L.C., Baltimore, Maryland, for Appellee. ON BRIEF:  Marc Selden Rosen, Shar, Rosen & Warshaw, L.L.C., Baltimore, Maryland, for Appellee.