Legal Opinion
Oscar Private Equity Investments v. Allegiance Telecom, Inc.
Court of Appeals for the Fifth Circuit
Decided May 16, 2007No. 05-10791PublishedCited by 76 opinions
1Opinion of the Court
PATRICK E. HIGGINBOTHAM, Circuit Judge:
This is a permissible interlocutory appeal from an order certifying a securities-fraud class action. Plaintiffs allege violations of section 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 of the Securities Exchange Commission. Relying on the fraud-on-the-market theory, the district court certified the class. We vacate the certification order and remand, persuaded that the class certified fails for wont of any showing that the market reacted to the corrective disclosure. Given the lethal force of certifying a class of purchasers of…
2Cases cited22 opinions
- In Re Burlington Coat Factory Securities Litigation. P. Gregory Buchanan, Jacob Turner and Ronald AbramoffCourt of Appeals for the Third Circuit · 1997
- General Telephone Co. of Southwest v. FalconSupreme Court of the United States · 1982
- Eisen v. Carlisle & JacquelinSupreme Court of the United States · 1974
- Basic Inc. v. LevinsonSupreme Court of the United States · 1988
- Dura Pharmaceuticals, Inc. v. BroudoSupreme Court of the United States · 2005
17 more not listed; retrieve them via the Exa API.
3Cited by76 opinions
- In Re Hydrogen Peroxide Antitrust LitigationCourt of Appeals for the Third Circuit · 2009
- Erica P. John Fund, Inc. v. Halliburton Co.Supreme Court of the United States · 2011
- In Re Flag Telecom Holdings Securities LitigationCourt of Appeals for the Second Circuit · 2009
- Hohider v. United Parcel Service, Inc.Court of Appeals for the Third Circuit · 2009
- Dukes v. Wal-Mart Stores, Inc.Court of Appeals for the Ninth Circuit · 2010
71 more not listed; retrieve them via the Exa API.