FARRIS, Circuit Judge:
BACKGROUND
Pyramid Breweries Inc., formerly Hart Brewing Inc., a maker of craft beers, conducted an initial public offering on December 13, 1995, less than three weeks before the end of the fourth quarter. Shares were priced at $19, netting the company $34.2 million.
According to Pyramid's uncontested prospectus, gross sales grew at a compound annual rate of around 88% from 1990 to the
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