In re WORLDS OF WONDER SECURITIES LITIGATION.
Rosetta MILLER; Walter Untermeyer; Alan Nisselson; Trudy Whitman Nisselson; Paul Greenstein; Howard H. Weston, as Trustee for the Florida Municipal, Inc., Restated Defined Benefit Trust and Plan; Sylvia Wind, on behalf of themselves and the certified class of purchasers of securities of Worlds of Wonder, Inc., Plaintiffs-Appellants,
v.
Angelo M. PEZZANI; Donald D. Kingsborough; Richard B. Stein; John B. Howenstine; Barry H. Margolis; Deloitte & Touche; Smith Barney, Harris, Upham & Co.; Dean Witter Reynolds, Inc.; Josephine E. Abercrombie; Worlds of Wonder Shares Partnership; Robinson Interests, Inc., Defendants-Appellees.
United States Court of Appeals, Ninth Circuit.https://leagle.com/images/logo.png
Argued and Submitted August 10, 1994.
Decided September 15, 1994.
Attorney(s) appearing for the Case
Alan R. Plutzik, Gold & Bennett, San Francisco, CA, for plaintiffs-appellants.
Jared L. Kopel and James A. DiBoise, Wilson, Sonsini, Goodrich & Rosati, Palo Alto, CA, Daniel J. Bergeson and Mark E. Waite of Bergeson, Eliopoulos, Grady & Gray, San Jose, CA, for defendants-appellees Pezzani, Kingsborough and Stein.
J. Clifford Gunter, III, and Gayle A. Boone, Bracewell & Patterson, Houston, TX, for defendant-appellee Howenstine.
Stephen D. Susman, Susman Godfrey, Karen A. Oshman, Houston, TX, for defendants-appellees Margolis and Worlds of Wonder Shares Partnership.
Leslie G. Landau and Philip R. Rotner, McCutchen, Doyle, Brown & Enersen, San Francisco, CA, for defendant-appellee Deloitte & Touche.
William F. Alderman, Orrick, Herrington & Sutcliffe, San Francisco, CA, for defendants-appellees Smith Barney and Dean Witter Reynolds.
David T. Hedges, Jr., Vinson & Elkins, Houston, TX, and Joel Zeldin and Lin M. Trucksess, Shartsis, Friese & Ginsburg, San Francisco, CA, for defendant-appellee Abercrombie.
Layne E. Kruse, Fulbright & Jaworski, Houston, TX, and Marvin D. Morgenstein, Morgenstein & Jubelirer, San Francisco, CA, for defendant-appellee Robinson Interests, Inc.
Before: FLETCHER, HALL, and WIGGINS, Circuit Judges.
United States Court of Appeals, Ninth Circuit.
CYNTHIA HOLCOMB HALL, Circuit Judge:
In this appeal, we consider the saga of Worlds of Wonder, Inc. ("WOW"), a toy company that sold $80 million of "junk bonds" to the investing public in June 1987. When WOW defaulted on its very first interest payment and filed for bankruptcy just six months later, rendering the securities worthless, a class of disappointed investors filed this securities-fraud action, naming as defendants WOW's officers, directors, auditors, underwriters...
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