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IN RE PHILIP MORRIS SECURITIES LITIGATION

No. 93 Civ. 2131(RO).

872 F.Supp. 97 (1995)

In re PHILIP MORRIS SECURITIES LITIGATION.

United States District Court, S.D. New York.

January 9, 1995.

Attorney(s) appearing for the Case

Melvyn I. Weiss, Sharon Levine Mirsky, Jeffrey S. Abraham, Milberg Weiss Bershad Hynes & Lerach, Arthur N. Abbey, Mark C. Gardy, Abbey & Ellis, New York City, Leonard Barrack, Anthony J. Bolognese, Barrack, Rodos & Bacine, Philadelphia, PA, for plaintiffs.

Herbert M. Wachtell, Paul Vizcarrondo, Jr., Stuart C. Berman, Wachtell, Lipton, Rosen & Katz, New York City, for defendant.

OPINION AND ORDER

OWEN, District Judge.

This class action had its genesis on Friday, April 2, 1993. That morning Philip Morris announced that it would reduce the average price on its flagship Marlboro cigarette brand by forty cents per pack. Philip Morris expected that, as a result of this, operating earnings for 1993 from its United States tobacco business would be down as much as forty percent.

Less than five hours later, at 1:25 p.m., the first...

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