COFFIN, Senior Circuit Judge.
The question on this appeal is whether appellants' Third Amended Complaint states a claim for fraud under federal securities law, see 15 U.S.C. § 78j(b) (§ 10(b) of the Securities Exchange Act of 1934); SEC Rule 10b-5 (17 C.F.R. § 240.10b-5), a claim that must be plead "with particularity." Fed.R.Civ.P. 9(b). The district court held that it did not, and dismissed the complaint with prejudice. After carefully studying...
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