Stuebler v. Xcelera.com
Court of Appeals for the First Circuit
1Opinion of the Court
LIPEZ, Circuit Judge.
We treat this interlocutory appeal from an order certifying a class in a securities fraud case as a companion case to In re PolyMedica Corp. Sec. Litig., 432 F.3d 1 (1st Cir. 2005), also decided this day. Our determination in PolyMedica of the standard of efficiency to be used in the application of the fraud-on-the-market theory informs the analysis in this case. Defendants-Appellants Xcelera Inc. 1 , an Internet holding company, and its directors, Alexander and Gustav Vik (collectively, “Defendants”), argue that the district court erred in determining that the market for…
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