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Clune v. Barry

Reasonable Diligence Would Have Revealed Alleged Deception; Class Certification Denied

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OPINION & ORDER Plaintiff Kevin P. Clune, as Executor of the Estate of Barbara B. Clune, and Plaintiff James E. Fisher bring this putative class action against Defendants. They seek a judgment designating Plaintiffs as class representatives and certifying the class action. In addition, Plaintiffs request that the Court find that Defendants are liable for violations of the Securities and Exchange Act §10(b), commission of common law fraud, and breach of their fiduciary duties to Plaintiffs and the class. (Am. Compl., ECF No. 62.) Plaintiffs also seek rescission of allegedly fraudulently induced sales of Winged Foot Holding Corporation (“WFHC”) shares and dissolution of WFHC. (Id.) Currently before the Court is Plaintiffs’ motion for class certification. (ECF No. 99.) For the reasons articulated below, Plaintiffs’ motion is DENIED.BACKGROUNDThe background is summarized here only to the extent that it pertains to Plaintiffs’ motion for certification and this Opinion.In 1921, WFHC was formed and authorized to issue 600 shares, to be sold to the members of the Winged Foot Golf Club (“Club”). (Am. Compl.

22 & 28.) Initially, all WFHC shareholders were also members of the Club. (Id. 28.) In the 1930s, the Club began admitting yearly, and eventually regular, members who were not required to own shares in WFHC. (Id.

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