United States Fifth Circuit

Misstatements that would alter a reasonable investor's decision are not material misstatements in violation of Securities Regulation 10b-5 if the actual investor admits that he would have made the investment anyway. Where counsel should have discovered this fact, FRCP 11 sanctions are appropriate.

Appellate Information

• Decided 01/11/2001
• Published 01/11/2001

Judges

• CARL E. STEWART, Circuit Judge:, Before GARWOOD, HIGGINBOTHAM and STEWART, Circuit Judges.

Court

• United States Fifth Circuit

Counsel

• For Appellant:
  
• Warren Wayne Harris (argued), Tracy Caldwell Temple (argued), Bracewell & Patterson, Houston, TX, for Plaintiff-Appellant and Appellants.


• For Appellees:
  
• Jack Gardiner Carnegie (argued), Leymon L. Solomon, Bayko, Gibson, Carnegie, Hagan, Schoonmaker & Meyer, Houston, TX, for Defendants-Appellees.