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IN RE SCHOLASTIC CORP. SECURITIES LITIGATION

Docket No. 00-7517.

252 F.3d 63 (2001)

In re SCHOLASTIC CORPORATION SECURITIES LITIGATION. Lawrence B. Hollin, individually and on behalf of all others similarly situated, Plaintiff, Richard Truncellito and The City of Philadelphia, Appellants, v. Scholastic Corporation and Raymond Marchuk, Defendants-Appellees, Richard Robinson, Defendant.

United States Court of Appeals, Second Circuit. August Term, 2000.

Decided: June 1, 2001.

Attorney(s) appearing for the Case

Jeffrey A. Klafter, New York, N.Y. (Bernstein Litowitz Berger & Grossmann, LLP; Stephen A. Whinston, Douglas M. Risen, Berger & Montague, P.C., Philadelphia, PA, of counsel), for Appellants.

Michael J. Chepiga, New York, N.Y. (Felecia L. Stern, Michael A. Berg, Simpson Thacher & Bartlett, New York, New York, of counsel), for Defendants-Appellees.

Before CARDAMONE, CALABRESI, Circuit Judges, and HAIGHT, District Judge.

CARDAMONE, Circuit Judge:

On this appeal we construe a complaint in a securities fraud case brought by stockholders against a book publisher and one of its officers. It is the book publisher's practice to count as income the proceeds of any book it sells to a retailer or distributor, while at the same time granting to such buyers a full right of return. The number of returns is therefore critical to profitability in the publishing business because when returns occur...

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