United States Third Circuit

In a securities fraud class action, District Court's grant of defendant's motion for summary judgment on statute of limitations grounds and limitation of class period are both vacated where: 1) plaintiffs were not put on inquiry notice of any fraud and there was no indication of potential malfeasance until after the date named by the District Court; and 2) it was reasonable for the plaintiffs to continue to rely on defendant's statements beyond the date the District Court limited the class period to. District Court's denial of defendant's motion to dismiss and grant of plaintiff's motion for class certification are affirmed.

Appellate Information

• Decided 01/30/2009
• Published 01/30/2009

Judges

• Before:  BARRY, CHAGARES, Circuit Judges, and RESTANI, Judge.

Court

• United States Third Circuit

Counsel

• For Appellees:
  
• Eric A. Isaacson, Esq. (Argued), Arthur C. Leahy, Esq., Matthew P. Montgomery, Esq., Coughlin, Stoia, Geller, Rudman & Robbins, San Diego, CA, Peter S. Pearlman, Esq., Cohn, Lifland, Pearlman, Herrmann & Knopf, Saddle Brook, NJ, for Appellants/Cross Appellees., Gregg S. Levin, Esq., Joshua C. Littlejohn, Esq., Joseph F. Rice, Esq., Ann K. Ritter, Esq., Motley Rice, Mount Pleasant, SC, for Appellant/Cross-Appellee Pace Industry Union-Management Pension Fund., Jonathan M. Hoff, Esq. (Argued), Jason M. Halper, Esq., Joshua R. Weiss, Esq., Cadwalader, Wickersham & Taft, New York, NY, William A. Dreier, Esq., Steven A. Karg, I, Esq., Robert Mahoney, Esq., Norris, McLaughlin & Marcus, Bridgewater, NJ, for Appellees/Cross Appellants.