IN RE CENDANT CORP. PRIDES LITIGATION

No. 99-5555.

243 F.3d 722 (2001)

In re CENDANT CORPORATION PRIDES LITIGATION. Welch & Forbes, Inc., an institutional investment manager, individually and on behalf of all others similarly situated, v. Cendant Corporation, Merrill Lynch & Co.; Chase Securities, Inc.; Henry R. Silverman; Walter A. Forbes; Cosmo Corigliano, Joanne A. Aboff Family Trust, Appellant. Pursuant to Rule 12a.

United States Court of Appeals, Third Circuit.

Filed March 21, 2001.


Attorney(s) appearing for the Case

Howard B. Sirota (argued), Sirota & Sirota LLP, New York, New York, Counsel for Appellant.

Roger Kirby (argued), Kirby McInerney & Squire LLP, New York, New York, Counsel for Plaintiffs-Appellees.

Samuel Kadet (argued), Skadden, Arps, Slate, Meagher & Flom LLP, New York, New York, Counsel for Defendants-Appellees.

BEFORE: SCIRICA, FUENTES and GARTH, Circuit Judges.


OPINION OF THE COURT

GARTH, Circuit Judge:

This appeal arises out of a class action filed on behalf of investors in Cendant Corporation ("Cendant") after Cendant disclosed prior "accounting irregularities" on April 15, 1998.1 Several actions were filed as a result of this disclosure, including an action commenced on June 15, 1998 on behalf of purchasers of Cendant's Feline PRIDES shares. The PRIDES litigation was subsequently...

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