IN RE ADVANTA CORP. SECURITIES LITIGATION

No. 98-1846.

180 F.3d 525 (1999)

IN RE: ADVANTA CORP. SECURITIES LITIGATION Steven B. Shaiman; Richard Molison; James Law; Saul A. Schwartz; Diane Sklar; Theresa Wai; Stephen Wai; Claude Wells; Benjamin Axler; Marilyn Axler; Jerry Weinberg, Appellants.

United States Court of Appeals, Third Circuit.

Decided June 17, 1999.


Attorney(s) appearing for the Case

Arthur R. Miller (Argued), Cambridge, Massachusetts,

Deborah R. Gross, Law Offices of Bernard M. Gross, Philadelphia, Pennsylvania,

Joshua H. Vinik, Milberg, Weiss, Bershad, Hynes & Lerach, New York, New York, Attorneys for Appellants.

Jerome J. Shestack (Argued), Jay A. Dubow, Matthew A. White, Laura E. Krabill, Wolf, Block, Schorr & Solis-Cohen, Philadelphia, Pennsylvania, Attorneys for Appellees, Advanta Corp., Dennis J. Alter, Alex Hart, William Rosoff, Gene S. Schneyer and John J. Calamari.

Arthur E. Newbold (Argued), Hope M. Freiwald, Michael E. Baughman, Dechert, Price & Rhoads, Philadelphia, Pennsylvania, Attorneys for Appellees, Robert A. Marshall and Richard A. Greenawalt.

Before: MANSMANN, SCIRICA and NYGAARD, Circuit Judges.


OPINION OF THE COURT

SCIRICA, Circuit Judge.

This is a securities class action lawsuit brought by shareholders of Advanta Corporation against the corporation and several of its officers. Plaintiffs allege the defendants made false and misleading statements and material omissions regarding the company's earnings potential and value of its stock, in violation of the Securities and Exchange Act of 1934. The District...

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