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CRAFTMATIC SECURITIES LITIGATION v. KRAFTSOW

No. 89-1192.

890 F.2d 628 (1989)

In re CRAFTMATIC SECURITIES LITIGATION, John P. Decker, Philip Cohen and David J. Steinberg, Appellants, v. Stanley KRAFTSOW, Carolyn Kraftsow, Craftmatic/Contour Industries, Inc., Advest, Inc., Appellees.

United States Court of Appeals, Third Circuit.

Decided November 29, 1989.

As Amended January 30, 1990.

Attorney(s) appearing for the Case

Gerald J. Rodos (argued), Barrack, Rodos & Bacine, Bernard M. Gross, Deborah R. Gross, Gross, Sklar & Metzger, Philadelphia, Pa., Richard D. Greenfield, Brenda M. Nelson, Greenfield & Chimicles, Haverford, Pa., David H. Weinstein, Stuart H. Savett, Kohn, Savett, Klein & Graf, P.C., Philadelphia, Pa., for appellants.

Steven R. Waxman (argued), Fox, Rothschild, O'Brien & Frankel, Philadelphia, Pa., for appellee, Advest, Inc.

Alan C. Kessler (argued), Richard M. Meltzer, Mark R. Rosen, Lisa Ehrich, Mesirov, Gelman, Jaffe, Cramer & Jamieson, Philadelphia, Pa., for appellees, Stanley Kraftsow, Carolyn Kraftsow and Craftmatic/Contour Industries, Inc.

Before STAPLETON, SCIRICA and WEIS, Circuit Judges.

OPINION OF THE COURT

SCIRICA, Circuit Judge.

This is an appeal from dismissal of a consolidated class action complaint brought under various provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The district court dismissed the securities law claims under Fed.R.Civ.P. 12(b)(6) for failure to state a claim upon which relief can be granted, and for failure to comply with the requirement of pleading fraud with particularity under...

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