MATRIX CAPITAL MANAGEMENT FUND, LP v. BEARINGPOINT

No. 08-1035.

576 F.3d 172 (2009)

MATRIX CAPITAL MANAGEMENT FUND, LP; Matrix Capital Management Fund II, LP; Matrix Capital Management Fund (Offshore), Limited, Plaintiffs-Appellants, and Karen Gautreau, Individually and on behalf of all others similarly situated; Louisiana School Employee Retirement System; Richard Beasley; TDH Partners, LLP; Daniel Sutton; BDM, LLC, Individually and on behalf of all others similarly situated; Detectives Endowment Association Annuity Fund, On behalf of itself and on behalf of all others similarly situated, Plaintiffs, v. BEARINGPOINT, INCORPORATED; Robert S. Falcone; Randolph C. Blazer, Defendants-Appellees, and Roderick C. McGeary; Pricewaterhouse Coopers, LLP, Defendants, and General Retirement System of The City of Detroit; Pension Trust Fund for Operating Engineers; Massachusetts Pension Fund Group; Public Employees' Retirement System of Mississippi; Secure Trading Group, Incorporated; Matrix Capital Management, LP, Movants.

United States Court of Appeals, Fourth Circuit.

Decided: July 31, 2009.


Attorney(s) appearing for the Case

ARGUED: Solomon B. Cera, Gold, Bennett, Cera & Sidener, L.L.P., San Francisco, California, for Appellants. Richard Louis Brusca, Skadden, Arps, Slate, Meagher & Flom, L.L.P., Washington, DC; Robert A. Van Kirk, Williams & Connolly, LLP., Washington, D.C., for Appellees. ON BRIEF: Pamela A. Markert, Kenneth A. Frost, Gold, Bennett, Cera & Sidener, L.L.P., San Francisco, California; Steven J. Toll, Cohen, Milstein, Hausfeld & Toll, P.L.L.C., Washington, D.C., for Appellants. Jennifer L. Spaziano, Skadden, Arps, Slate, Meagher & Flom, L.L.P., Washington, DC, Charles Wm. McIntyre, McGuirewoods, L.L.P., Washington, D.C., for Appellees BearingPoint, Inc., and Robert S. Falcone; Steven M. Pyser, Williams & Connolly, L.L.P., Washington, D.C., for Appellee Randolph C. Blazer.

Order reversed, judgment vacated, and case remanded by published opinion. Judge MICHAEL wrote the opinion, in which Judge AGEE joined. Judge KING wrote a separate opinion concurring in the judgment.


OPINION

MICHAEL, Circuit Judge:

Matrix Capital Management Fund, LP, Matrix Capital Management Fund II, LP, and Matrix Capital Management Fund (Offshore), Ltd. (collectively, plaintiffs) represent the class of persons or entities who bought or otherwise acquired the securities of BearingPoint, Inc. between August 14, 2003, and April 20, 2005, and who were damaged as a result. Plaintiffs brought this action against BearingPoint, Randolph Blazer (BearingPoint...

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