LEE v. ERNST & YOUNG, LLP

No. 01-1369.

294 F.3d 969 (2002)

Jong E. LEE; Heide Sue Casavan; Darcie Molitor; Whitney McFarlin; George E. Faue; Patricia E. Faue; Janice McQuiston; Randolph G. Sunder; Phillip Thomas; Linda Grady; Mathias Faue; Desiree Swan; Ranjit C. Desai; Priyam R. Desai; Herbert A. Beron; Gordon E. Bennett; C. William Brown, Dr., Trustee on behalf of C. William Brown, M.D.P/S Trust, dtd 4/1/85; Charles Fisher; Judith Anne Jacobson; Ann M. Ritz; Joseph Cooper, Plaintiffs-Appellants, v. ERNST & YOUNG, LLP, Defendant-Appellee. Summit Medical Systems, Inc., Defendant. Securities and Exchange Commission, Amicus on Behalf of Appellant.

United States Court of Appeals, Eighth Circuit.

Filed: June 18, 2002.


Attorney(s) appearing for the Case

Gregg M. Fishbein, argued, Minneapolis, MN (Richard A. Lockridge, Minneapolis, Stanley M. Grossman and Patrick V. Dahlstrom, New York, Karen L. Morris and Patrick F. Morris, Wilmington, DE, on the brief), for appellant.

Luis De La Torre, argued amicus curiae, Special Counsel, for Securities Exchange Com'n, Washington, DC (David M. Becker, General Counsel, Jacob H. Stillman, Solicitor, Eric Summergrad, Deputy Solicitor, Mark Pennington, Asst. General Counsel, SEC, Washington, DC, on the brief), for appellants.

Bruce M. Cormier, argued, Washington, DC (William P. Hammer, Jr., New York City, Stanley J. Parzen, Michele Odorozzi, Chicago, IL, Timothy D. Kelly, Wendy A. Snyder, Minneapolis, MN, on the brief), for appellee.

Before McMILLIAN, FAGG and BEAM, Circuit Judges.


McMILLIAN, Circuit Judge.

This appeal arises from consolidated securities fraud lawsuits filed against Summit Medical Systems, Inc. ("Summit"), Summit's officers and directors, and Summit's public accountant-independent auditor, Ernst & Young ("E & Y") (collectively "defendants") by Summit shareholders ("plaintiffs") in the United States District Court for the District of Minnesota. Following the entry of final judgment, plaintiffs appeal from orders of the...

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