Cannon v. United States Acoustics Corp.

398 F.Supp. 209 (E.D. Ill. 1975)

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Nature of the Case

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Facts

Cannon (P) a shareholder, filed a derivative suit against U.S. Acoustics Corp. (D) and other individual defendants that accused them of numerous violations of federal securities laws. Cannon sought to disqualify a law firm involved in the case because the law firm represented both the corporation and individual defendants. U.S. Acoustics (D) and the law firm argued that the conflict was theoretical and that if a real conflict arose, they would withdraw.