Abbad v. Amman

SUMMARY ORDER

This is an appeal from a judgment of the United States District Court for the Southern District of New York (Loretta A. Preska, Judge) dismissing plaintiffs-appellants’ securities fraud complaint for failure to adequately plead scienter, as required by Fed.R.Civ.P. 9(b) and the Private Securities Litigation Reform Act of 1995 (“PSLRA”). Plaintiffs are investors who bought stock in a now-bankrupt telecom company called Global TeleSystems, Inc. (“GTS”) before it folded. They brought this suit against four former GTS executives, alleging violations of Sections 10(b) and 20(a) of the…