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IN RE HEALTHCARE COMPARE CORP. SECURITIES LIT.

No. 95-2072.

75 F.3d 276 (1996)

In re HEALTHCARE COMPARE CORP. SECURITIES LITIGATION. Theodore MOSS, et al., Plaintiffs-Appellees, v. HEALTHCARE COMPARE CORPORATION, James C. Smith, and Joseph E. Whitters, Defendants-Appellants.

United States Court of Appeals, Seventh Circuit.

Decided January 24, 1996.

Attorney(s) appearing for the Case

Michael J. Freed, Ellyn M. Lansing, Edith F. Canter, Much, Shelist, Freed, Denenberg & Ament, Chicago, IL, Terry Rose Saunders, Chicago, IL, Edward A. Grossmann, Vincent R. Cappucci (argued), Patricia S. Gillane, Berstein, Litowitz, Berger & Grossmann, New York City, and Michael D. Craig, Schiffrin & Craig, Buffalo Grove, IL, for Plaintiffs-Appellees.

Lowell E. Sachnoff (argued), Gary S. Caplan, Joel S. Feldman, Christine Bodewes, Sachnoff & Weaver, Chicago, IL, and H. Nicholas Berberian and Robert J. Mandel, Neal, Gerber & Eisenberg, Chicago, IL, for Defendants-Appellants.

Before CUMMINGS, COFFEY and RIPPLE, Circuit Judges.

CUMMINGS, Circuit Judge.

In this securities-fraud class action, plaintiffs, purchasers of HealthCare Compare Corporation's ("HealthCare") common stock, claim they were defrauded when a company press release expressing discomfort with analysts' high revenue and earnings estimates caused HealthCare's stock to decline more than 30 percent in one day. Plaintiffs claim that HealthCare knew the analysts' estimates were too high well before issuing the press release, and...

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