Stovall obtains dismissal of federal securities fraud action.

A motion to dismiss filed by James R. Stovall in a federal securities fraud action was granted by the United States District Court for the Eastern District of Tennessee. The motion addressed, among other things, whether the negotiation of a stock purchase agreement between financial institutions gave rise to a “purchase” or “sale” of securities for purposes of Section 10(b) of the Securities and Exchange Act, and whether the plaintiffs’ fraud allegations were pled with sufficient particularity.