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ORAN v. STAFFORD

No. 99-5184.

226 F.3d 275 (2000)

Albert ORAN; Terry Adolphs; Philip Morris; James Doyle Lupo; Paul H. Maurer, individually and on behalf of a class of others similarly situated, Appellants, v. John R. STAFFORD; Robert G. Blount; Joseph J. Carr; Louis L. Hoynes, Jr.; William J. Murray; David M. Olivier; John R. Considine; Paul J. Jones; Fred Hassan; American Home Products Corporation.

United States Court of Appeals, Third Circuit.

Filed September 7, 2000.

Attorney(s) appearing for the Case

Marian P. Rosner (Argued), Michael A. Schwartz, Wolf Popper LLP, New York, NY, Allyn Z. Lite, Joseph J. DePalma, Lite DePalma Greenberg & Rivas, LLC, Newark, NJ, Counsel for Appellants.

Anthony F. Phillips (Argued), Elizabeth S. Strong, Willkie Farr & Gallagher, New York, NY, Donald A. Robinson, Robinson, Lapidus & Livelli, Newark, NJ, Counsel for Appellees.

Before: ALITO and STAPLETON, Circuit Judges, and POLLAK, District Judge.

OPINION OF THE COURT

ALITO, Circuit Judge:

Plaintiffs brought this securities class action against American Home Products Corporation ("AHP") and certain of its directors and officers1 after AHP, in response to reports of serious medical side effects, withdrew its prescription weight-loss drugs Pondimin and Redux from the market. Stockholder plaintiffs allege that AHP made material misrepresentations and omissions regarding the...

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