FLETCHER, Circuit Judge:
These are consolidated appeals from the district court's judgment dismissing plaintiffs' claims under Rule 10b-5 and various state blue sky laws, and granting summary judgment for defendants on plaintiffs' claim of breach of fiduciary duties. We conclude that the claims under Rule 10b-5 and the blue sky laws were properly dismissed, but that summary judgment on the claim of breach of fiduciary duties was improper.
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