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GLASSMAN v. COMPUTERVISION CORP.

No. 95-2240.

90 F.3d 617 (1996)

Morris I. GLASSMAN, et al., Plaintiffs, Appellants, v. COMPUTERVISION CORPORATION, et al., Defendants, Appellees.

United States Court of Appeals, First Circuit.

July 31, 1996.

Attorney(s) appearing for the Case

Peter J. Macdonald, Boston, MA, with whom Jeffrey B. Rudman, David E. Marder, S. Tara Miller, Hale and Dorr, Bruce D. Angiolillo, Nicholas Even, Elisabeth Bassin, Simpson Thacher & Bartlett, New York City, Thomas J. Dougherty, Dennis M. Kelleher, and Skadden, Arps, Slate, Meagher & Flom, Boston, MA, were on brief, for defendants-appellees.

Thomas G. Shapiro, Boston, MA, with whom Michelle Blauner, Shapiro Grace Haber & Urmy, Glen DeValerio, Norman Berman, Michael Lange, Berman DeValerio & Pease, Boston, MA, Daniel W. Krasner, Peter C. Harrar, Wolf Haldenstein Adler Freeman & Herz, L.L.P., New York City, I. Stephen Rabin, Joseph P. Garland, and Rabin & Garland, New York City, were on brief, for plaintiffs-appellants.

Before LYNCH, Circuit Judge, COFFIN, Senior Circuit Judge, and CUMMINGS, Circuit Judge.

LYNCH, Circuit Judge.

Computervision Corporation, a Massachusetts high technology company, made an initial public offering ("IPO") of securities on August 14, 1992. Six weeks later, on September 29, 1992, Computervision announced that its revenues and operating results for the third quarter of 1992 would be lower than expected. The prices of Computervision's stock and notes fell sharply. On the day after this announcement, the first investor suit was filed. Computervision...

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