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SERABIAN v. AMOSKEAG BANK SHARES, INC.

No. 93-2070.

24 F.3d 357 (1994)

Nishan SERABIAN, et al., Plaintiffs, Appellants, v. AMOSKEAG BANK SHARES, INC., et al., Defendants, Appellees.

United States Court of Appeals, First Circuit.

Decided May 27, 1994.

Attorney(s) appearing for the Case

James R. Malone, Jr., with whom C. Oliver Burt, III, Michael D. Gottsch, Pamela Bond, Haverford, PA, and Peter A. Pease, Boston, MA, were on brief, for appellants.

Robert Upton, II, with whom Charles W. Grau, Concord, NH, was on brief, for Amoskeag Bank Shares, Inc.

Ovide M. Lamontagne, with whom E. Donald Dufresne, Manchester, NH, was on brief, for Allen, Machinist, Bushnell, Yakovakis, Woolson, Allman and Keegan.

Before TORRUELLA, Circuit Judge, COFFIN, Senior Circuit Judge, and BOUDIN, Circuit Judge.

COFFIN, Senior Circuit Judge.

The question on this appeal is whether appellants' Third Amended Complaint states a claim for fraud under federal securities law, see 15 U.S.C. § 78j(b) (§ 10(b) of the Securities Exchange Act of 1934); SEC Rule 10b-5 (17 C.F.R. § 240.10b-5), a claim that must be plead "with particularity." Fed.R.Civ.P. 9(b). The district court held that it did not, and dismissed the complaint with prejudice. After carefully studying...

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