WINTER, Circuit Judge:
Irving Reiss appeals from a judgment granting defendant Pan American World Airways, Inc.'s ("Pan Am") motion for summary judgment dismissing his class action complaint. The complaint alleged violations of section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934 ("Act"), 15 U.S.C. § 78j(b) (1976), and 17 C.F.R. 240.10b-5 (1982). Plaintiffs, holders of Pan Am convertible debentures which were being called, sold the debentures rather...
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