United States Eighth Circuit

Aftermarket purchasers of stock had standing to pursue a claim against an accountant/auditor, pursuant to Section 11 of the Securities Act, to the extent they can make a prima facie showing that purchased shares can be traced to the auditor's registration statement they alleged to be false and misleading.

Appellate Information

• Decided 06/18/2002
• Published 06/18/2002

Judges

• McMILLIAN, Circuit Judge., Before McMILLIAN, FAGG and BEAM, Circuit Judges.

Court

• United States Eighth Circuit

Counsel

• For Appellant:
  
• Gregg M. Fishbein, argued, Minneapolis, MN (Richard A. Lockridge, Minneapolis, Stanley M. Grossman and Patrick V. Dahlstrom, New York, Karen L. Morris and Patrick F. Morris, Wilmington, DE, on the brief), for appellant., Luis De La Torre, argued amicus curiae, Special Counsel, for Securities Exchange Com'n, Washington, DC (David M. Becker, General Counsel, Jacob H. Stillman, Solicitor, Eric Summergrad, Deputy Solicitor, Mark Pennington, Asst. General Counsel, SEC, Washington, DC, on the brief), for appellants.


• For Appellees:
  
• Bruce M. Cormier, argued, Washington, DC (William P. Hammer, Jr., New York City, Stanley J. Parzen, Michele Odorozzi, Chicago, IL, Timothy D. Kelly, Wendy A. Snyder, Minneapolis, MN, on the brief), for appellee.