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IN RE DATA ACCESS SYSTEMS SECURITIES LITIGATION

Nos. 87-5205, 87-5385.

843 F.2d 1537 (1988)

In re DATA ACCESS SYSTEMS SECURITIES LITIGATION. Appeal of TOLINS & LOWENFELS & Roger A. Tolins. Appeal of I. KAHLOWSKY AND CO. and Peter Cunicelli.

United States Court of Appeals, Third Circuit.

Reargued March 8, 1988.

Decided April 8, 1988.

Attorney(s) appearing for the Case

Ronald J. Riccio (argued), John B. Livelli, Robinson, Wayne, Levin, Riccio & LaSala, Newark, N.J., for appellants Lowenfels and Tolins.

Francis P. Devine, III (argued), Guy A. Cellucci, Mark S. Gurevitz, White and Williams, Philadelphia, Pa., for appellants I. Kahlowsky and Cunicelli.

Leonard Barrack, Gerald J. Rodos (argued), Samuel R. Simon, John G. Narkin, Barrack, Rodos & Bacine, Philadelphia, Pa., for appellees plaintiff class of Data Access Systems, Inc. shareholders.

Before GIBBONS, Chief Judge and SEITZ, WEIS, HIGGINBOTHAM, SLOVITER, BECKER, MANSMANN, GREENBERG, HUTCHINSON, SCIRICA and ALDISERT, Circuit Judges.

Reargued in banc March 8, 1988.

Argued Nov. 19, 1987.

Before SEITZ, HUTCHINSON, and ALDISERT, Circuit Judges.

Reargued in banc March 8, 1988.

Before GIBBONS, Chief Judge and SEITZ, WEIS, HIGGINBOTHAM, SLOVITER, BECKER, MANSMANN, GREENBERG, HUTCHINSON, SCIRICA and ALDISERT, Circuit Judges.

OPINION OF THE COURT

ALDISERT, Circuit Judge.

We visit again the troublesome question presented in Biggans v. Bache Halsey...

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