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IN RE SOFTWARE TOOLWORKS INC.

No. 94-16150.

38 F.3d 1078 (1994)

In re SOFTWARE TOOLWORKS INC. Securities Litigation. Richard B. DANNENBERG, On Behalf of Himself and all others Similarly Situated, Plaintiff, and Mindy Blitz, Eugene Costiglio, Kenneth H. Ross, Homer Fleisher, Steven G. Cooperman, Nathaniel Orme, Ervin H. Fishman, Frederick Wertheimer, Barbara Wertheimer, William J. Bing, Arlene S. Bing, trustees of William J. Bing and Arlene S. Bing, Living Trust, Anthony D. Shapiro, William Dulude, H.N. Brown, Jr., David E. Lockrow, Karl E. Bauman, Lucille C. Bauman, and Jack Schnitzer, Plaintiffs-Appellants, v. PAINEWEBBER INC., Montgomery Securities and Deloitte & Touche, Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Decided October 19, 1994.

Attorney(s) appearing for the Case

Leonard B. Simon and Alan Schulman, Milberg Weiss Bershad Spechthrie & Lerach, San Diego, CA, Sherrie R. Savett, Berger & Montague, Philadelphia, PA, Ronald Litowitz, Bernstein Litowitz Berger & Grossmann, New York City, for plaintiffs-appellants.

Leslie G. Landau, McCutchen, Doyle, Brown & Enersen, San Francisco, CA, for defendant-appellee Deloitte & Touche.

Boris Feldman, Wilson, Sonsini, Goodrich & Rosati, Palo Alto, CA, for defendants-appellees Montgomery Securities and Paine-Webber.

William F. Alderman, Orrick, Herington & Sutcliffe, San Francisco, CA, for amicus curiae.

Before: LAY, HALL, and THOMPSON, Circuit Judges.

CYNTHIA HOLCOMB HALL, Circuit Judge:

In this case, we again consider the securities-fraud claims raised by disappointed investors in Software Toolworks, Inc., who appeal the district court's summary judgment in favor of auditors Deloitte & Touche and underwriters Montgomery Securities and PaineWebber, Inc. We affirm in part, reverse in part, and remand.

I.

In July 1990, Software Toolworks, Inc., a producer...

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