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  5. 222 F.Supp.2d 216 (2002)
 

IN RE STERLING FOSTER & CO., INC., SECURITIES LIT.

Nos. 97 CV 189(ADS)(MLO), 97 CV 610(ADS)(MLO), 97 CV 1689(ADS)(MLO), 97 CV 3253(ADS)(MLO), 97 CV 3775(ADS)(MLO). MDL No. 1208 (ADS)(MLO).

222 F.Supp.2d 216 (2002)

In re STERLING FOSTER & CO., INC., SECURITIES LITIGATION. This Document Relates To: Thomas Rogers, et al., Plaintiffs, v. Sterling Foster & Co., Inc., et al., Defendants. Leo W. Smith, et al., Plaintiffs, v. Sterling Foster & Co., Inc., et al., Defendants. William V. Wright, et al., Plaintiffs, v. Sterling Foster & Co., Inc., et al., Defendants. Michael Reynoso, et al., Plaintiffs, v. Sterling Foster & Co., Inc., et al., Defendants. Andrew Petit, et al., Plaintiffs, v. Sterling Foster & Co., Inc., et al., Defendants.

United States District Court, E.D. New York.

June 27, 2002.

Attorney(s) appearing for the Case

Milberg Weiss Bershad Hynes & Lerach, LLP, Robert A. Wallner, Esq., Kim Levy, Esq., Of Counsel, Goodkind Labaton Rudoff & Sucharow, LLP, Ira A. Schochet, Esq., Jonathan M. Plasse, Esq., James M. Strauss, Esq., Of Counsel, New York, NY, Co-Lead Counsel for the Plaintiffs.

Rathman & Francis, LLC, Steven J. Stolze, Esq., Of Counsel, St. Louis, MO, Co-Lead Counsel for Claims Against Advanced Voice Technologies, Inc., Com/Tech Communications Technologies, Inc. & Embryo Development Corporation.

Kirby McInerney & Squire, LLP, Peter S. Linden, Esq., Lewis S. Sandler, Esq., Of Counsel, New York, NY, Co-Lead Counsel for Claims Against Lasergate Systems, Inc. & ML Direct, Inc.

Law Offices of Joseph D'Elia, Joseph D'Elia, Esq., Of Counsel, Huntington, NY, Ungaretti & Harris, Miriam G. Bahcall, Esq., Rawn Howard Reinhard, Esq., Of Counsel, Chicago, IL, Counsel for Defendants Sterling Foster & Company, Inc., Adam Lieberman, Matthew Hawley and Robert J. Paulson.

Morvillo, Abramowitz, Grand, Iason & Silberberg, P.C., Edward M. Spiro, Esq., Of Counsel, New York, NY, Counsel for Defendant Randolph Pace.

Alan M. Novich, Montgomery, PA, Defendant Pro Se.

Choate, Hall & Stewart, Jeremiah T. O'Sullivan, Esq., John R. Baraniak, Jr., Esq., Of Counsel, Boston, MA, Zuckerman, Spaeder, Goldstein, Taylor & Kolker, LLP, Lisa A. Cahill, Esq., Of Counsel, New York, NY, Counsel for Defendants Com/Tech Communication Technologies, Inc., ML Direct, Inc., and Nancy G. Shalek.

Bondy & Schloss, LLP, Joel M. Wolosky, Esq., Of Counsel, New York, NY, Counsel for Defendant Lasergate Systems, Inc.

Arnold & Porter, Peter L. Zimroth, Esq., David A. Weintraub, Esq., Of Counsel, New York, NY, Stephen M. Sacks, Esq., Scott B. Schreiber, Esq., James L. Cooper, Esq., Of Counsel, Washington, DC, Counsel for Defendants Bear, Stearns & Co., Inc., and Bear, Stearns Securities Corp.

Katten Muchin Zavis Rosenman, Howard Wilson, Esq., Joseph Zuckerman, Esq., Of Counsel, New York, NY, Counsel for Defendant Richard Harriton.

Carey & Associates, Michael Q. Carey, Esq., Miriam A. Widmann, Esq., Of Counsel, New York, NY, Counsel for Defendants Roger Buoy, Tony Swash, Terence McAuley, and Armando Araujo.

Stillman & Friedman, P.C., Charles A. Stillman, Esq., Of Counsel, New York, NY, Counsel for Defendant Michael Krasnoff.

MEMORANDUM OF DECISION AND ORDER

SPATT, District Judge.

                               TABLE OF CONTENTS

  I. Background ..............................................................225

     A. The Procedural Nature of the Case ....................................225

     B. The Second Amended and Consolidated Class Action Complaint ...........227

        1. The Overall Scheme ....................................

                    
                    
                    

                        

                            

                                
                            

                            

                                

                                    
    
                                        
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