IN RE GLENFED, INC. SECURITIES LITIGATION

No. 92-55419.

11 F.3d 843 (1993)

In re GLENFED, INC. SECURITIES LITIGATION. John Paul DECKER; Arnold Cohen; Gary Haskins; Larry Schwartz; Gary F. Young; Elbridge Ruhl Graef, Trustee u/w of Charlotte R. Graef on behalf of themselves and all others similarly situated, Plaintiffs-Appellants, v. GLENFED, INC.; Norman M. Coulson; Raymond D. Edwards; Dann V. Angeloff; Dean R. Bailey; Charles T. Blair; Douglas A. Clarke; Morris K. Daley; Richard O. Kearns; Walter A. Ketcham; Jean C. Roeschlaub; Jack D. Steele; Gilbert R. Vasquez; E. Gex Williams, Jr.; Keith P. Russell, Jr., Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Memorandum Filed September 15, 1993.

Order and Opinion Filed November 15, 1993.

As Amended December 22, 1993.

Order Granting Rehearing February 25, 1994.


Attorney(s) appearing for the Case

Martha A. Evans & John N. Zarian, Greenfield & Chimicles, Los Angeles, CA, Kenneth A. Jacobsen, Christopher T. Reyna & Ira N. Richards, Greenfield & Chimicles, Haverford, PA, Michael S. Glassman & Kathleen L. Clemens, Clemens, Glassman & Clemens, Los Angeles, CA, Warren Rubin, Deborah R. Gross & Ann D. White, Gross & Metzger, Philadelphia, PA, Lawrence A. Sucharow & Ira Schochet, Goodkind, Labaton & Rudoff, New York City, Alfred G. Yates, Jr., Alfred G. Yates, Jr. & Associates, Pittsburgh, PA, Sherrie R. Savett, Berger & Montague; Howard Sedran, Levin, Fishbein, Sedran & Berman; and Harris J. Sklar, Law Offices of Harris J. Sklar, Philadelphia, PA, for plaintiffs-appellants.

Martin C. Washton, Rory M. Hernandez and Kevin S. Rosen, Gibson, Dunn & Crutcher, Los Angeles, CA, for defendants-appellees.

Before: BROWNING, FARRIS and KELLY, Circuit Judges.


Order Granting Rehearing En Banc February 25, 1994.

The memorandum disposition filed September 15, 1993, is redesignated as an authored opinion by Judge Kelly.

PAUL KELLY, Jr., Circuit Judge:

Background

GlenFed, Inc. is a real estate and financial services holding company that declared a $140.8 million loss for the second quarter of fiscal year ("FY") 1991, after several years of reporting profitable operations. John Decker and other...

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