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IN RE LEVEL 3 COMMUNICATIONS, INC. SECURITIES

No. 11-1029.

667 F.3d 1331 (2012)

In re LEVEL 3 COMMUNICATIONS, INC. SECURITIES LITIGATION.

United States Court of Appeals, Tenth Circuit.

February 6, 2012.

Attorney(s) appearing for the Case

Susan K. Alexander of Robbins Geller Rudman & Dowd LLP, San Francisco, CA ( Sanford Svetcov of Robbins Geller Rudman & Dowd LLP, San Francisco, CA; Henry Rosen , Trig R. Smith , Laurie L. Largent and Julie A. Kearns of Robbins Geller Rudman & Dowd LLP, San Diego, CA; Francis A. Bottini, Jr. of Johnson Bottini, LLP, San Diego, CA; Robert J. Dyer III and Jeffrey A. Berens of Dyer & Berens LLP, Denver, CO, with her on the briefs), for Plaintiff-Appellant, William A. Poppo.

Jordan Eth of Morrison & Foerster LLP, San Francisco, CA ( Brian R. Matsui and Kevin A. Calia of Morrison & Foerster LLP, San Francisco, CA; Lila M. Bateman of Morrison & Foerster LLP, Denver, CO, with him on the brief), for Defendants-Appellees, Level 3 Communications, Inc., James Q. Crowe, Kevin J. O'Hara, Sunit S. Patel, Walter Scott, Jr., and Charles "Buddy" C. Miller, III.

Before BRISCOE, Chief Judge, BALDOCK, and HOLMES, Circuit Judges.

BRISCOE, Chief Judge.

This case arises from allegations that certain officers of Level 3 Communications, Inc. (Level 3) engaged in securities fraud. Lead plaintiff William A. Poppo filed a class action complaint on behalf of all purchasers or acquirers of Level 3 securities between October 17, 2006, and October 23, 2007 (the class period).1 Plaintiff sued the defendants2

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