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SHORES v. SKLAR

No. 86-7898.

844 F.2d 1485 (1988)

James L. SHORES, Jr., Executor of the Estate of Clarence E. Bishop, Jr., in behalf of himself and all other persons who purchased First Mortgage 8% Revenue Bonds issued by the Industrial Board of the Town of Frisco City, Alabama, Plaintiff-Appellant, v. Jerald H. SKLAR, et al., Defendants-Appellees.

United States Court of Appeals, Eleventh Circuit.

May 10, 1988.

Attorney(s) appearing for the Case

W. Eugene Rutledge, Rutledge & Kelly, Birmingham, Ala., for plaintiff-appellant.

Crawford S. McGivaren, Jr., Cabaniss, Johnston, Gardner, Dumas & O'Neal, Larry B. Childs, Birmingham, Ala., for Jerald H. Sklay, R., et al.

Lee H. Zell, Berkowitz, Lefkovits, Isom & Kushner, Susan Salonimer, Birmingham, Ala., for Asa G. Candler.

Frank M. Young, III, Haskell, Slaughter & Young, James L. Richey, Birmingham, Ala., for Cecil J. Lamberson & Jackson Municipals, Inc.

Hobart A. McWhorter, Jr., Bradley, Arant, Rose & White, Richard H. Walston, Henry E. Simpson, Lange, Simpson, Robinson & Somerville, Birmingham, Ala., for Capell, Howard, Knabe & Cobbs.

Before FAY and KRAVITCH, Circuit Judges, and ATKINS, Senior District Judge.

KRAVITCH, Circuit Judge:

On this appeal we revisit the case that established the "fraud on the market" theory of securities law in our predecessor circuit. See Shores v. Sklar, 647 F.2d 462 (5th Cir.1981) (en banc), cert. denied, 459 U.S. 1102, 103 S.Ct. 722, 74 L.Ed.2d 949 (1983) (Shores I).1

I.

The events giving rise to this litigation occurred almost sixteen years...

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