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IN RE LYONDELL PETROCHEMICAL CO. SECURITIES LIT.

No. 91-55899.

984 F.2d 1050 (1993)

In re: LYONDELL PETROCHEMICAL COMPANY SECURITIES LITIGATION. Joseph H. LEVIT; Walter Bely; Elsie Bely; The Elsie Bely IRA; Lucy Feder; Rosalind Jacobson; Ronald Kassover; Hedy-Ann Kassover, Plaintiffs-Appellants, v. LYONDELL PETROCHEMICAL COMPANY; Bob G. Gower; Fred P. Rullo; Dan F. Smith; Robert E. Wycoff; Atlantic Richfield Co.; Camron Cooper; James S. Morrison; Robert M. Shea; Joseph A. Putz; William T. Butler; Dudley C. Mecum; Paul R. Staley; Goldman Sachs & Co.; Salomon Bros., Inc., Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Decided January 29, 1993.

Attorney(s) appearing for the Case

Leonard B. Simon and Alan Schulman, Milberg, Weiss, Bershad, Spechthrie & Lerach, San Diego, CA, for plaintiffs-appellants.

Ronald C. Redcay, Arnold & Porter; Thomas K. Braun, O'Melveny & Myers, Los Angeles, CA, for defendants-appellees.

Before: POOLE, FERNANDEZ, and T.G. NELSON, Circuit Judges.

T.G. NELSON, Circuit Judge:

This appeal arises from a class-action securities fraud suit against Lyondell Petrochemical Company ("Lyondell"), certain officers and directors of Lyondell, Goldman, Sachs & Co. and Salomon Brothers Inc., as the managing underwriters of Lyondell's initial public offering, and Atlantic Richfield Co. ("ARCO") as the former parent company of Lyondell (all hereinafter referred to collectively...

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