In a securities fraud class action, denial of plaintiffs’ motion for class certification is affirmed where no authority supported plaintiffs’ proposed “integrity of the market” presumption in market manipulation cases, and thus, the district court correctly declined to presume class-wide reliance on the allegedly fraudulent statements.
Read Desai v. Deutsche Bank Secs. Ltd., No. 08-55081
Appellate Information
Argued and Submitted May 7, 2009
Filed July 29, 2009
Judges
Per Curiam
Concurrence by Judge O’Scannlain
Concurrence by Judge Graber
Counsel
For Appellants:
Joseph J. Tabacco, Jr., Berman, DeValerio, Pease, Tabacco Burt & Pucillo, San Francisco, CA
Ira M. Press, Kirby, McInerney LLP, New York, NY
For Appellee:
James H.R. Windels, Davis, Polk & Wardwell, New York, NY
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