United States Second Circuit

Dismissal of putative class action, which alleged that accountants to the issuer violated section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, is affirmed where defendant outside accountant: 1) was not liable for defendant Warnaco's quarterly statements it did not audit; 2) had no duty during the class period to correct statements or misstatements it made prior to the class period; and 3) plaintiffs inadequately alleged loss causation in connection with the statements that defendant outside accountant made during the class period.

Appellate Information

• Decided 01/31/2007
• Published 02/01/2007

Judges

• JACOBS, Chief Judge., Before JACOBS, Chief Judge, WALKER, Circuit Judge, O'CONNOR, Associate Justice Retired.

Court

• United States Second Circuit

Counsel

• For Appellant:
  
• Frederick W. Gerkens, III, Lovell Stewart Halebian LLP, New York, N.Y. (Christopher Lovell, on the brief), for Plaintiffs-Appellants.


• For Appellees:
  
• Daniel F. Kolb, Davis Polk & Wardwell, New York, N.Y. (Amelia T.R. Starr, on the brief), for Defendant-Appellee.