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LONGMAN v. FOOD LION, INC.

No. 98-2116.

197 F.3d 675 (1999)

David I. LONGMAN; Jeffrey Feinman; Paul M. Gardner, Defined Plan Trust; Edward Hankin; Linda Hankin, Plaintiffs-Appellants, v. FOOD LION, INCORPORATED; Tom E. Smith, Defendants-Appellees, and Lynne Neufer-Dale, Respondent, Robert Harbrant; Jeffrey Fiedler; Keith Mestrich; Sean Cunniff; Food and Allied Service Trades Department, AFL-CIO; Research Associates of America; Neel Lattimore; Nicholas W. Clark; Maureen Dwyer; Allen Y. Zack; Charles L. Ulsch; Susan Barnett; Coopers & Lybrand, LLP, Movants.

United States Court of Appeals, Fourth Circuit.

Decided: October 7, 1999.

Attorney(s) appearing for the Case

ARGUED: John Francis Bloss, Sr., Clark & Wharton, Greensboro, North Carolina, for Appellants. Richard L. Wyatt, Jr., Akin, Gump, Strauss, Hauer & Feld, L.L.P., Washington, D.C.; William Kearns Davis, Bell, Davis & Pitt, P.A., Winston-Salem, North Carolina, for Appellees. ON BRIEF: David M. Clark, Clark & Wharton, Greensboro, North Carolina; Jeffery G. Smith, Shane Rowley, Wolf, Halderstein, Adler, Freeman & Hertz, L.L.P., New York, New York; Joseph H. Weiss, David C. Katz, Weiss & Yourman, New York, New York; Lubna Faruqi, Faruqi & Faruqi, New York, New York; B. Ervin Brown, II, Moore & Brown, Winston-Salem, North Carolina; Bernard Persky, Goodkind, Labaton, Rudoff & Sucharow, New York, New York, for Appellants. Charles L. Warren, Larry E. Tanenbaum, Thomas P. McLish, Akin, Gump, Strauss, Hauer & Feld, L.L.P., Washington, D.C.; James T. Williams, Reid L. Phillips, Brooks, Pierce, McLendon, Humphrey & Leonard, L.L.P., Greensboro, North Carolina, for Appellees.

Before WIDENER, MURNAGHAN, and NIEMEYER, Circuit Judges.

Affirmed by published opinion. Judge NIEMEYER wrote the opinion, in which Judge WIDENER joined. Judge MURNAGHAN wrote a dissenting opinion.

OPINION

NIEMEYER, Circuit Judge:

On the day after ABC aired its "Prime-Time Live" television broadcast on November 5, 1992, detailing allegedly widespread unsanitary practices and labor law violations in grocery stores owned by Food Lion, Inc., the price of Food Lion's Class A stock fell approximately 11%, and...

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