IN RE VERIFONE SECURITIES LITIGATION

Nos. 92-15156, 92-15378.

11 F.3d 865 (1993)

In re VERIFONE SECURITIES LITIGATION. Martin HALKIN; Michael Minichino; Lois Steen; Richard Marchesi; David J. Steinberg; Chaille Steinberg, Plaintiffs-Appellants, v. VERIFONE INC.; Robertson Stephens, Robertson Stephens and Company, Defendants-Appellees. Martin HALKIN; Michael Minichino; Lois Steen; Richard Marchesi; David J. Steinberg; Chaille Steinberg, Plaintiffs-Appellants, v. VERIFONE INC.; William F. Gorog; John R.C. Porter; Keith B. Greeslin; H.H. Haight, IV; William N. Melton; Frank J. Caufield; Hatim A. Tyabji; Morgan Stanley & Co.; Robertson Stephens; Dean Witter Reynolds Incorporated; Burton McMurtry, Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Decided November 17, 1993.


Attorney(s) appearing for the Case

Solomon B. Cera, David B. Gold, A Professional Law Corp., San Francisco, CA, for plaintiffs-appellants.

John N. Hauser, McCutchen, Doyle, Brown & Enersen, San Francisco, CA, for defendants-appellees Morgan Stanley & Co., Inc., Robertson, Stephens & Co., and Dean Witter Reynolds Inc.

Melvin R. Goldman, Paul T. Friedman, Jordan Eth, Morrison & Foerster, San Francisco, CA, for defendants-appellees VeriFone, Inc., et al.

Before: REINHARDT, TROTT, and RYMER, Circuit Judges.


RYMER, Circuit Judge:

Purchasers of allegedly overpriced shares of VeriFone, Inc. common stock ("shareholders") appeal the district court's dismissal of their securities fraud class action with prejudice pursuant to Federal Rules of Civil Procedure 9(b) and 12(b)(6). In re VeriFone Sec. Litig., 784 F.Supp. 1471 (N.D.Cal.1992). After a drop in the trading price of VeriFone stock, shareholders brought suit against VeriFone...

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