First Equity Corporation of Florida, Robert Cornfeld and Floyd Watkins v. Standard & Poor's Corporation

WINTER, Circuit Judge:

This case involves the scope of liability for negligent misstatements in the specialized sub-industry that publishes newsletters and provides information services for the use of investors and investment professionals. In particular, it concerns an allegedly misleading summary of the terms of certain convertible securities reported in Corporation Records, a guide published by Standard & Poor’s, Inc. (“S & P”). Appellants, two Florida investors and a Florida investment advisory firm, claim to have incurred losses exceeding $200,000 as a result of their reliance on the…