United States Fifth Circuit

Plaintiff's class action seeking damages for the purchase of defendant's stock is dismissed where 1) defendant did not make any false or materially misleading statements in its prospectus, and 2) federal securities laws did not impose a duty on defendant to report decreasing natural gas prices.

Appellate Information

• Decided 08/10/2004
• Published 08/10/2004

Judges

• GARWOOD, Circuit Judge:, Before GARWOOD, JONES, and STEWART, Circuit Judges.

Court

• United States Fifth Circuit

Counsel

• For Appellant:
  
• Andrew M. Schatz (argued), Schatz & Nobel, Hartford, CT, W. Paul Wilkins, LeBlanc & Waddell, Baton Rouge, LA, for Plaintiffs-Appellants., Jacob H. Stillman, Mark Pennington, U.S. Securities & Exchange Com'n, Washington, DC, for Amicus Curiae.


• For Appellees:
  
• David D. Sterling, Rebecca L. Robertson (argued), Matthew J. Lawson, Baker Botts, Houston, TX, for Defendants-Appellees Torch Offshore Inc., Lyle G. and Lana Hingle Stockstill, Eric Smith, William Blackwell, Curtis Lemons, John Reynolds and Ken Wallace., Thomas K. Potter, III (argued), Amy L. Glovinsky, Jones, Walker, Waechter, Poitevent, Carrere & Denegre, New Orleans, LA, for Defendants-Appellees UBS Warburg LLC, CIBC World Markets Corp., Howard-Weil.