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IN RE INTERNATIONAL BUSINESS MACHINES CORPORATE

No. 97-7266.

163 F.3d 102 (1998)

In re INTERNATIONAL BUSINESS MACHINES CORPORATE SECURITIES LITIGATION Charles KOWAL, Peter R. Herold, Albert Ominsky, Douglas Ominsky, Andrew Ominsky, Steven Horowitz, Dina Horowitz, Joan Howard, Mark Gardy, M.E. Lifshitz, Wai Chinn, Alexander Sands, Donald Lewis, Bruce Murphy, Barnett Stepak, and William Steiner, Plaintiffs-Appellants, v. INTERNATIONAL BUSINESS MACHINES CORPORATION and Frank A. Metz, Jr., Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided November 17, 1998.

Attorney(s) appearing for the Case

Arlin M. Adams, Nancy Winkelman, Schnader Harrison Segal & Lewis LLP, Philadelphia, Pennsylvania (Stuart Savett, Barbara Podell, Savett Frutkin Podell & Ryan, P.C., Philadelphia, Pennsylvania, Joseph H. Weiss, David C. Katz, Weiss & Yourman, New York City, Jules Brody, Stull, Stull & Brody, New York City on the brief), for Plaintiffs-Appellants.

Evan R. Chesler, Richard W. Clary, Cravath, Swaine & Moore, New York City (Melvyn I. Weiss, Robert A. Wallner, Milberg Weiss Bershad, Hynes & Lerach, LLP, New York City on the brief), for Defendants-Appellees.

Before: OAKES, WALKER, MAGILL, Circuit Judges.

BACKGROUND

JOHN M. WALKER, Circuit Judge:

Plaintiffs, a class of purchasers of International Business Machines Corporation ("IBM") securities between September 30, 1992 and December 14, 1992 (the "class period"), appeal from an order of the United States District Court for the Southern District of New York (Jed S. Rakoff, District Judge), granting defendants' motion for summary judgment and dismissing plaintiffs' claims under Section 10(b) of the...

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