In Re Data Access Systems Securities Litigation. Appeal of Tolins & Lowenfels & Roger A. Tolins. Appeal of I. Kahlowsky and Co. And Peter Cunicelli
Court of Appeals for the Third Circuit
1Opinion of the Court
OPINION OF THE COURT
ALDISERT, Circuit Judge.
We visit again the troublesome question presented in Biggans v. Bache Halsey Stuart Shields, Inc., 638 F.2d 605 (3d Cir.1980), and Roberts v. Magnetic Metals Co., 611 F.2d 450 (3d Cir.1979), to determine the applicable limitations period for complaints charging violations of section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), and Rule 10b-5 promulgated thereunder by the Securities and Exchange Commission, 17 C.F.R. § 240.10b-5 (1987). We are required to decide two important issues: whether subsequent Supreme Court decisions in…
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