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YATES v. MUNICIPAL MORTG. & EQUITY, LLC

No. 12-2496.

744 F.3d 874 (2014)

Robert YATES, MJG-08-269; Alan S. Barry, MJG-08-269; David Young, MJG-08-269; Carlo Hornsby; Ed Friedlander, MJG-08-269; Paul Engel, individually and on behalf of all others similarly situated MJG-08-292; William D. Felix; David Kremser, on behalf of himself and on behalf of Elk Meadow Investments, LLC; Charles W. Dammeyer, on behalf of himself and others similarly situated, Plaintiffs-Appellants, and F. Richard Manson, individually and on behalf of, all others similarly situated MJG-08-269; Geeta Shailam, individually and on behalf of all others similarly situated MJG-08-386; Michael J. Cirrito, individually and on behalf of all others similarly situated MJG-08-476; John J. Hufnagle, individually and on behalf of all others similarly situated MJG-08-579; William Johnston, derivatively on behalf of Municipal Mortgage & Equity, LLC MJG-08-670; Robert Staub, derivatively on behalf of Municipal Mortgage & Equity, LLC MJG-08-802; The Mary L. Kieser Trust, by Mary L. Kieser and Ralph F. Kieser, Trustees, derivatively and on behalf of Nominal Defendant, Municipal Mortgage & Equity LLC MJG-08-805; Judith Greenberg; Joseph S. Gelmis, individually and on behalf of all others similarly situated MJG-08-2133; Arnold J. Ross, MJG-08-2133; Troy Broy; Jules Rothas, individually and on behalf of all others similarly situated MJG-08-2134; Naomi Raphael; Fafn/Slater Group; Kremser Group, MJG-08-269, Plaintiffs, v. MUNICIPAL MORTGAGE & EQUITY, LLC; Melanie M. Lundquist; Michael L. Falcone; Merrill Lynch Pierce Fenner and Smith Incorporated; RBC Capital Markets, LLC.; Mark K. Joseph; Charles C. Baum; Eddie C. Brown; Robert S. Hillman; Douglas A. Mcgregor; Arthur S. Mehlman; Fred N. Pratt, Jr.; Richard O. Berndt; William S. Harrison; David Kay; Charles M. Pinckney, Defendants-Appellees, and Gary A. Mentesana; Barbara B. Lucas; Earl W. Cole, III; Angela B. Barone, Defendants.

United States Court of Appeals, Fourth Circuit.

Decided: March 7, 2014.

Attorney(s) appearing for the Case

ARGUED: David A.P. Brower , Brower Piven, New York, New York, for Appellants. Mark Holland , New York, New York, William M. Jay , Goodwin Procter LLP, Washington, D.C.; Jason J. Mendro , Gibson, Dunn & Crutcher LLP, Washington, D.C., for Appellees. ON BRIEF: Charles J. Piven , Yelena Trepetin , Brower Priven, Stevenson, Maryland; Sherrie R. Savett , Barbara A. Podell , Eric Lechtzin , Berger & Montague, P.C., Philadelphia, Pennsylvania; Kim E. Miller , Kahn Swick & Foti, LLC, New York, New York; Susan K. Alexander , Andrew S. Love , Robbins Geller Rudman & Dowd LLP, San Francisco, California, for Appellants. Jonathan C. Dickey , Gibson, Dunn & Crutcher LLP, New York, New York, for Appellees Merrill Lynch Pierce Fenner and Smith Incorporated, and RBC Capital Markets, LLC. Mary K. Dulka , Goodwin Procter LLP, New York, New York; Anthony Candido , Clifford Chance LLP, New York, New York; Stephen A. Goldberg , Ward B. Coe III , Gallagher Evelius & Jones LLP, Baltimore, Maryland, for Appellees Municipal Mortgage & Equity, LLC, Mark K. Joseph , William S. Harrison , Charles M. Pinckney , and David Kay. William M. Krulak, Jr. , Miles & Stockbridge P.C., Baltimore, Maryland, for Appellees Charles C. Baum , Richard O. Berndt , Eddie C. Brown , Robert S. Hillman , Douglas A. McGregor , Arthur S. Mehlman , and Fred N. Pratt, Jr.   Charles O. Monk, II , Geoffrey M. Gamble , Saul Ewing LLP, Baltimore, Maryland, for Appellee Michael L. Falcone. David W.T. Daniels , Richards Kibbe & Orbe LLP, Washington, D.C., for Appellee Melanie Lundquist.

Judge DIAZ wrote the opinion, in which Judge FLOYD and Judge ANDERSON joined.

DIAZ, Circuit Judge:

This case involves claims that Municipal Mortgage & Equity ("MuniMae" or the "Company"), and certain of its officers and directors (collectively, the "MuniMae defendants"), violated federal securities laws.1 Plaintiffs, both individually and as class representatives, contend that the MuniMae defendants committed securities fraud by (1) falsely representing that the Company was in full compliance with a new accounting...

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