In re AMES DEPARTMENT STORES INC. STOCK LITIGATION.
William STEINER, Nathan Spiro, Florence Spiro, David Minkoff, Goldie Jaroslawicz, Charles W. Collier, Rodney Shields, David Kahn, Sheldon Shore, Samuel H. Title, Violet Klein, Dominick T. Brancato, Anna M. Brancato, on behalf of a putative class of persons similarly situated, Plaintiffs-Appellants,
v.
AMES DEPARTMENT STORES, INC., Peter B. Hollis, Ralph M. Shulansky, Duane R. Wolter, James A. Harmon, Herbert Gilman, Earl M. Spector, Norman Asher, Arthur F. Loewy, Maurice Segall, Wertheim Schroder & Co. Incorporated, Defendants-Appellees.
United States Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
Argued September 14, 1992.
Decided April 2, 1993.
Attorney(s) appearing for the Case
Edward Labaton, New York City (Lawrence A. Sucharow, Lynda G. Jacobs, Good-kind Labaton Rudoff & Sucharow, Robert S. Schachter, Hillary Sobel, Zwerling, Schachter & Zwerling, Richard A. Fuchs, Koskoff, Koskoff & Bieder, P.C., Bridgeport, CT, of counsel), for plaintiffs-appellants.
Robert I. Harwood, New York City (Wechsler, Skirnick, Harwood, Halebian, Feffer, of counsel), for plaintiffs-appellants Nathan and Florence Spiro.
Bruce Gerstein, New York City (Garwin Bronzaft Gerstein & Fisher, of counsel), for plaintiff-appellant David Minkoff.
Stuart H. Savett, Philadelphia, PA (Savett, Frutkin, Podell & Ryan, P.C., Arnold Levin, Levin, Fishbein, Sedran & Berman, of counsel), for plaintiff-appellant Goldie Jaroslawicz.
Daniel W. Krasner, New York City (Wolf Haldenstein Adler Freeman & Herz, of counsel), for plaintiff-appellant Charles W. Collier.
Richard D. Greenfield, Haverford, PA (Greenfield & Chimicles, of counsel), for plaintiff-appellant Rodney B. Shields.
Stephen D. Oestreich, New York City (Wolf Popper Ross Wolf & Jones), for plaintiff-appellant David Kahn.
Stanley R. Wolfe, Philadelphia, PA (Berger & Montague, of counsel), for plaintiff-appellant Sheldon Shore.
Harvey S. Kronfeld, Philadelphia, PA (Kronfeld, Newberg & Duggan, of counsel), for plaintiff-appellant Samuel H. Title.
Stanley M. Grossman, New York City (Pomerantz, Levy, Haudek, Block & Grossman, of counsel), for plaintiff-appellant Violet Klein.
I. Stephen Rabin, New York City, for plaintiffs-appellants Dominick T. and Anna M. Brancato.
Andrew M. Schatz, Hartford, CT (Jeffery S. Nobel, Schatz & Schatz, Ribicoff & Kotkin, of counsel), for defendants-appellees Peter B. Hollis and Duane R. Wolter.
Ralph G. Elliot, Hartford, CT (Tyler, Cooper & Alcorn, of counsel), for defendants-appellees Ralph M. Shulansky and Herbert Gilman.
Jeffrey B. Rudman, Boston, MA (William H. Paine, J. Kent Wicker, Hale and Dorr; Ralph G. Elliot, Hartford, CT, Tyler, Cooper & Alcorn, of counsel), for defendants-appellees James A. Harmon and Norman B. Asher.
Ralph G. Elliot, Hartford, CT (Tyler, Cooper & Alcorn; Jeffrey B. Rudman, Hale and Dorr, of counsel), for defendant-appellee Earl M. Spector.
Douglas H. Meal, Boston, MA (John R. Baraniak, Jr., Kenneth A. Galton, Ropes & Gray; Peter C. Schwartz, Hartford, CT, Gordon, Muir and Foley, of counsel), for defendants-appellees Arthur F. Loewy and Maurice Segall.
Lewis A. Kaplan, New York City (Jay L. Himes, David Jaroslaw, Donn Zaretsky, Paul, Weiss, Rifkind, Wharton & Garrison, Jacob D. Zeldes, Bridgeport, CT, Zeldes, Needle & Cooper, P.C., of counsel), for defendant-appellee Wertheim Schroder & Co. Inc.
Before: OAKES, KEARSE and PRATT, Circuit Judges.
United States Court of Appeals, Second Circuit.
OAKES, Senior Circuit Judge:
The 1988 acquisition by Ames Department Stores, Inc. ("Ames") of the discount stores division of the Zayre Corporation ("Zayre") drove Ames into bankruptcy and set off a chain of class action securities lawsuits. This action was filed by common stockholders of Ames who purchased their shares between May 10, 1989 and April 10, 1990, the day after Ames announced that it had suffered catastrophic losses for fiscal year 1990; additional consolidated...
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