In re Initial Public Offering Securities Litigation
United States Court of Appeals for the Second Circuit
471 F.3d 24 (2006)
The investors (plaintiffs) conducting business with several underwriters (defendants) brought class action lawsuits against said underwriters for violations of § 10(b) of the Exchange Act of 1934. The lawsuits were brought in front of the district court together before Judge Scheindlin who granted class certification based on the fact that the investors established “some showing” for satisfaction of the requirements of Federal Rule of Civil Procedure 23.. The underwriters then appealed this decision to the Second Circuit Court of Appeals.
Rule of Law
Holding and Reasoning (Newman, J.)
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