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This document summarizes a court case involving alleged wrongful acts by directors of Hydromatics, Inc. in connection with the private sale of company stock. It discusses the following key points: 1) The district court found no liability under common law claims but granted partial relief under federal securities law. Both sides appealed. 2) The appellate court found the district court erred by placing the burden of proving fraud on plaintiffs for the common law claims. It held the director defendants bor

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Scribd Government Docs
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EN