HUG, Circuit Judge:
De Luz Ranchos Investment, Ltd. ("De Luz"), a group of limited partnerships, brought this action against Coldwell, Banker & Co. ("Coldwell"), W. Brad Smith, and Kaiser-Aetna and several of its affiliated firms ("Kaiser"). De Luz alleges violations of the Securities Exchange Act of 1934 ("Securities Act"), 15 U.S.C. § 78j and Rule 10b-5, and of the Interstate Land Sales Full Disclosure Act ("Land Sales Act"), 15 U.S.C. §§ 1701...
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