SHARP, Stanley L. v. COOPERS & LYBRAND, Appellant

OPINION OF THE COURT

ALDISERT, Circuit Judge.

This appeal from verdicts in favor of the three named plaintiffs in a securities fraud class action raises several important questions under the antifraud provisions of the Securities Exchange Act of 1934. Specifically, we are asked to decide whether the district judge properly instructed the jury on imputed or secondary liability, on § 20(a) of the Act, on reliancé, and on the measure of damages. For the reasons below, we affirm on all issues except the measure of damages, which we reverse and remand for a new trial.

I

The factual setting of this…