POSNER, Chief Judge.
In March 1987, Fruit of the Loom, Inc., the clothing manufacturer, made an initial public offering of common stock and other securities. Purchasers of these securities who lost money (the share price was $9 at the time of offering and a year later, when the suit was filed, was $6) banded together in a class action against the issuer, its underwriters, and others, including both its then-current auditor, Arthur Young & Co. (now Ernst &...
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