United States Fifth Circuit

Although aftermarket purchasers had standing to sue under section 11 of the Securities Act of 1933, dismissal is affirmed where plaintiffs failed to adequately plead 1) scienter and 2) that challenged representations were material misrepresentations.

Appellate Information

• Decided 06/13/2003
• Published 06/13/2003

Judges

• CLEMENT, Circuit Judge:, Before SMITH, DENNIS and CLEMENT, Circuit Judges.

Court

• United States Fifth Circuit

Counsel

• For Appellant:
  
• Thomas Emerson Bilek (argued), Hoeffner, Bilek & Eidman, Houston, TX, Jeffrey M. Haber, Bernstein, Liebhar & Lifshitz, Robert I. Harwood, Frederick William Gerkens, Wechsler Harwood, New York City, for Plaintiffs-Appellants., Robin C. Gibbs (argued), Jeffrey C. Alexander, Robert Roy Burford, Gibbs & Bruns, Houston, TX, for Azurix Corp., John J. McKetta, III, Helen Currie Foster, Graves, Dougherty, Hearon & Moody, Austin, TX, for Mark., Jacks C. Nickens, Paul D. Flack, Nickens, Keeton, Lawless, Farrell & Flack, Houston, TX, for Faldyn and Gray., Edward John O'Neill, Jr., Clements, O'Neill, Pierce, Wilson & Fulkerson, Houston, TX, for Sutton., Jeffrey William Kilduff, O'Melveny & Myers, McLean, VA, for Skilling., James E. Coleman, Jr., Carrington, Coleman, Sloman & Blumenthal, Dallas, TX, for Lay.