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WEINER v. QUAKER OATS CO.

No. 96-5404.

129 F.3d 310 (1997)

Myron WEINER; Nicholas Sitnycky, on behalf of themselves and all others similarly situated v. The QUAKER OATS COMPANY; William D. Smithburg (D.C. Civil No. 94-5417). Ronald ANDERSON; Robert Furman, on behalf of themselves and all others similarly situated v. The QUAKER OATS COMPANY; William D. Smithburg (D.C. Civil No. 94-5418). Myron Weiner, Nicholas Sitnycky, Ronald Anderson and Robert Furman, Appellants

United States Court of Appeals, Third Circuit.

Decided November 6, 1997.

Attorney(s) appearing for the Case

M. Richard Komins (argued), Leonard Barrack, Barrack, Rodos & Bacine, Philadelphia, PA; Joseph R. Sahid, Barrack, Rodos & Bacine, New York City; David J. Bershad, Robert A. Wallner, Milberg, Weiss, Bershad, Hynes & Lerach, New York City, for Appellants.

Frederic K. Becker, Wilentz, Goldman & Spitzer, Woodbridge, NJ; Dennis J. Block (argued), Weil, Gotshal & Manges, New York City, for Appellees.

Before: STAPLETON and MANSMANN, Circuit Judges, and POLLAK, District Judge.

OPINION OF THE COURT

LOUIS H. POLLAK, District Judge.

This case raises the question whether and in what circumstances a corporation and its officers have an obligation to investors to update, or at least not to repeat, particular projections regarding the corporation's financial situation. Plaintiffs in this securities-fraud action are purchasers of stock in The Quaker Oats Company ("Quaker") who contend that defendants...

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