United States Second Circuit

The three-year period of repose prescribed by Securities Act section 13 begins to run when a security is initially bona fide offered to the public; accordingly, the district court properly dismissed plaintiff's section 12(a)(1) claim. Because the "bespeaks caution" doctrine does not apply to material omissions or misstatements of historical fact, court erred in dismissing all of the section 12(a)(2) allegations.

Appellate Information

• Decided 01/12/2004
• Published 01/12/2004

Judges

• Before:  CALABRESI, SACK, and CUDAHY, Circuit Judges.

Court

• United States Second Circuit

Counsel

• For Appellant:
  
• Giovanni Prezioso, General Counsel, Jacob H. Stillman, Solicitor, Allan A. Capute, Special Counsel to the Solicitor, for Amicus Curiae S.E.C., Washington, D.C.


• For Appellees:
  
• Paul D. Wexler,Bragar Wexler Eagel & Morgenstern, LLP, New York, NY, for Plaintiff-Counter-Defendant-Appellant., Barry S. Pollack, Donnelly Controy & Gelhaar, LLP, Boston, MA, for Defendant-Appellee.