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IN RE INTERN. BUSINESS MACHINES CORP. SECURITIES

Nos. 92 Civ. 9076 (JSR), 92 Civ. 9216 (JSR), 92 Civ. 9301 (JSR), 93 Civ. 0054 (JSR), 93 Civ. 0095 (JSR) and 93 Civ. 6122 (JSR).

954 F.Supp. 81 (1997)

In re INTERNATIONAL BUSINESS MACHINES CORPORATION SECURITIES LITIGATION. This Document Relates To All Actions.

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

February 3, 1997.

Attorney(s) appearing for the Case

Jules Brody, Patrick K. Slyne, Stull, Stull & Brody, New York City, Joseph H. Weiss, David C. Katz, Weiss & Yourman, Linda P. Nussbaum, Goodkind Labaton Rudoff & Sucharow LLP, New York City, for plaintiffs.

Evan R. Chesler, Richard W. Clary, Keith R. Hummel, Cravath, Swaine & Moore, Robert A. Wallner, Milberg, Weiss, Bershad, Hynes & Lerach, New York City, for defendant.

OPINION AND ORDER

RAKOFF, District Judge.

The Court grants the motion for summary judgment of defendant International Business Machines Corporation ("IBM").

The following undisputed facts are pertinent. In 1991, IBM suffered the most negative results in its 80-year history, culminating in fourth quarter losses of $4.95 per share. See Def.Exh. 4, at Inside Cover & 30 (1991 IBM Annual Report). The first three quarters of 1992 brought...

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