Court of Appeals for the Seventh Circuit January 9, 1990, 88-3299 (R. Richard Bastian, III v. Petren Resources Corporation)

POSNER, Circuit Judge.

In 1981 the plaintiffs invested $600,000 in oil and gas limited partnerships promoted by the defendants. The plaintiffs allege that, had it not been for the offering memo-randa’s misrepresentations and misleading omissions concerning the defendants’ competence and integrity, the plaintiffs would not have invested in these partnerships, which by 1984 were worthless.