United States Second Circuit

Stockholders lack standing to sue, under Section 10(b) of the Securities Exchange Act and Rule 10b-5, when the company whose stock they purchased is negatively impacted by the material misstatement of another company, whose stock they do not purchase.

Appellate Information

• Decided 05/19/2004
• Published 05/19/2004

Judges

• POOLER, Circuit Judge., Before:  OAKES, POOLER, and WESLEY, Circuit Judges.

Court

• United States Second Circuit

Counsel

• For Appellant:
  
• Dennis J. Johnson,Johnson & Perkison (Jacob B. Perkison and James P. Bonner, Shalov Stone & Bonner LLP, New York, NY, on the brief), South Burlington, VT, for Plaintiffs-Appellants.


• For Appellees:
  
• Stuart J. Baskin, Shearman & Sterling LLP (Tai H. Park, on the brief), New York, NY, for Defendants-Appellees.