United States Third Circuit

Where a broker overstates the expected return of certain investment funds and downplayed their inherent risks, the misrepresentations exaggerated the value of the funds leading plaintiffs to purchase overpriced securities so that they sustained an injury at the time they purchased units in the investment funds, not later.

Appellate Information

• Argued 06/25/2001
• Decided 07/31/2001
• Published 07/31/2001

Judges

• Before:  NYGAARD and WEIS, Circuit Judges, and REAVLEY, Circuit Judge.

Court

• United States Third Circuit

Counsel

• For Appellant:
  
• Anthony P. Picadio, (Argued) Tybe A. Brett, Picadio, McCall, Kane & Norton, Pittsburgh, PA, Attorney for Appellants.


• For Appellees:
  
• David L. McClenahan, (Argued) Kenneth M. Argentieri, Michael J. Lynch, Paul E. Del Vecchio, Kirkpatrick & Lockhart, Pittsburgh, PA, Attorneys for Appellees Kidder, Peabody & Co., Inc and KP Realty Advisers, Inc., William M. Wycoff, Thorp, Reed & Armstrong, Pittsburgh, PA, Attorneys for Appellees HSM, Inc., Henry S. Miller CO, Henry S. Miller Management Corporation, Henry S. Miller Appraisal Corporation, HSM Real Estate Securities Corporation and Miller Real Estate Services Corporation.