United States Seventh Circuit

Where no causal link could be shown between non-public information, in the form of false statements made by a stockbroker to a handful of his clients, and a temporary rise in a stock's price, extension of the fraud-on-the-market doctrine to non-public statements was not warranted, and class certification of investors who bought the stock during the relevant time period, without knowing of broker's statements, was reversed.

Appellate Information

• Decided 03/14/2002
• Published 03/14/2002

Judges

• EASTERBROOK, Circuit Judge., Before EASTERBROOK, MANION, and KANNE, Circuit Judges.

Court

• United States Seventh Circuit

Counsel

• For Appellant:
  
• Leonard A. Spivak,Cahill, Gordon & Reindel, New York, NY, Gerald P. Greiman, Spencer, Fane, Britt & Browne, St. Louis, MO, for petitioner.


• For Appellees:
  
• Rex Carr, Carr Korein, Tillery, Kunin, Montroy & Glass, East St. Louis, IL, for respondent.