United States First Circuit

Order certifying a class in a securities fraud class action involving medical supply companies is vacated where the district court adopted an incorrect standard for market efficiency for purposes of establishing the fraud-on-the-market presumption of reliance.

Appellate Information

• Decided 12/13/2005
• Published 12/13/2005

Judges

• LIPEZ, Circuit Judge., Before TORRUELLA, CYR, and LIPEZ, Circuit Judges.

Court

• United States First Circuit

Counsel

• For Appellant:
  
• Jeffrey B. Rudman, with whom James W. Prendergast, Michael G. Bongiorno, J. Andrew Kent, and Wilmer Cutler Pickering Hale and Dorr LLP were on brief, for appellants PolyMedica Corp. and Liberty Medical Supply, Inc., Michael DeMarco, with whom Daniel E. Rosenfeld and Kirkpatrick & Lockhart LLP were on brief, for appellant Eric G. Walters., Allan J. Sullivan, with whom Baker & McKenzie LLP was on brief, for appellant Warren K. Trowbridge., Anthony M. Feeherry, with whom Gus P. Coldebella, Stuart M. Glass, and Goodwin Procter LLP were on brief, for appellant Steven J. Lee.


• For Appellees:
  
• Thomas G. Shapiro, with whom Theodore M. Hess-Mahan, Shapiro Haber & Urmy LLP, Andrew M. Schatz, Jeffrey S. Nobel, Justin S. Kudler, and Schatz & Nobel, P.C. were on brief, for appellee Thomas Thuma.