United States Ninth Circuit

In a securities fraud class action, denial of plaintiffs' motion for class certification is affirmed where no authority supported plaintiffs' proposed "integrity of the market" presumption in market manipulation cases, and thus, the district court correctly declined to presume class-wide reliance on the allegedly fraudulent statements.

Appellate Information

• Argued 05/07/2009
• Decided 07/29/2009
• Published 07/29/2009

Judges

• Before:  JOHN T. NOONAN, DIARMUID F. O'SCANNLAIN, and SUSAN P. GRABER, Circuit Judges.

Court

• United States Ninth Circuit

Counsel

• For Appellant:
  
• Joseph J. Tabacco, Jr., Berman, DeValerio, Pease, Tabacco Burt & Pucillo, San Francisco, CA, argued the cause for the appellants and was on the briefs.  Nicole Lavallee, Berman, DeValerio, Pease, Tabacco, Burt & Pucillo, San Francisco, CA, filed briefs.  James C. Magid, Berman, DeValerio, Pease, Tabacco, Burt & Pucillo, San Francisco, CA, and Ira M. Press, Kirby, McInerney LLP, New York, NY, were also on the briefs.


• For Appellees:
  
• James H.R. Windels, Davis, Polk & Wardwell, New York, NY, argued the cause for the appellees and filed the brief.