Fed. Sec. L. Rep. P 96,468 Jarrell Garonzik and Milburn Garonzik, Etc. v. Shearson Hayden Stone, Inc.

This is an appeal from a denial of class certification in a case alleging 10(b)(5) security fraud in the sales campaign of defendant stockbroker concerning the stock in Horizons, Inc. For the purposes of this appeal, the merits of the cause of action are assumed. Although we often refuse to accept an appeal of the denial of class certification, even when, as in this case, the district court certified the issue as controlling under Rule 54(b), Fed.R.Civ.P., we take this appeal on the merits in order to finally resolve the question. Inasmuch as we affirm the denial of class certification, in…