ROSENZWEIG v. AZURIX CORP.

No. 02-20804.

332 F.3d 854 (2003)

Irving ROSENZWEIG, on behalf of himself and all others similarly situated; Miller/Howard Investments, Inc.; Masoud M. Al Fahaid; Walter R. Wooten; Masoud Faisal, Plaintiffs-Appellants, v. AZURIX CORP., et al., Defendants, Azurix Corp.; Rebecca Mark; Rodney Faldyn; Joseph Sutton; Jeffrey Skilling; Kenneth Lay; Rodney L. Gray, Defendants-Appellees. Malcolm Rosenfeld, on behalf of himself and all others similarly situated, Plaintiff-Appellant, v. Azurix Corp., et al., Defendants, Azurix Corp.; Rebecca Mark; Rodney Faldyn; Joseph Sutton; Jeffrey Skilling; Kenneth Lay, Defendants-Appellees. Ruthy Parnes, on behalf of herself and all others similarly situated, Plaintiff-Appellant, v. Azurix Corp., et al., Defendants, Azurix Corp.; Rebecca Mark; Rodney Faldyn; Joseph Sutton; Jeffrey Skilling; Kenneth L. Lay, Defendants-Appellees. Bruce Kalish, on behalf of himself and all others similarly situated, Plaintiff-Appellant, v. Azurix Corp., et al., Defendants, Azurix Corp.; Rebecca Mark; Rodney Faldyn; Joseph Sutton; Jeffrey Skilling; Kenneth Lay, Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

June 13, 2003.


Attorney(s) appearing for the Case

Thomas Emerson Bilek (argued), Hoeffner, Bilek & Eidman, Houston, TX, Jeffrey M. Haber, Bernstein, Liebhar & Lifshitz, Robert I. Harwood, Frederick William Gerkens, Wechsler Harwood, New York City, for Plaintiffs-Appellants.

Robin C. Gibbs (argued), Jeffrey C. Alexander, Robert Roy Burford, Gibbs & Bruns, Houston, TX, for Azurix Corp.

John J. McKetta, III, Helen Currie Foster, Graves, Dougherty, Hearon & Moody, Austin, TX, for Mark.

Jacks C. Nickens, Paul D. Flack, Nickens, Keeton, Lawless, Farrell & Flack, Houston, TX, for Faldyn and Gray.

Edward John O'Neill, Jr., Clements, O'Neill, Pierce, Wilson & Fulkerson, Houston, TX, for Sutton.

Jeffrey William Kilduff, O'Melveny & Myers, McLean, VA, for Skilling.

James E. Coleman, Jr., Carrington, Coleman, Sloman & Blumenthal, Dallas, TX, for Lay.

Before SMITH, DENNIS and CLEMENT, Circuit Judges.


CLEMENT, Circuit Judge:

This securities fraud class action presents the issues of whether the district court, in dismissing the case with prejudice, erred by (1) denying the plaintiffs' motion for leave to amend their complaint; (2) determining that none of the plaintiffs' claims were actionable under the Securities Exchange Act of 1934; and (3) determining that the plaintiffs, as aftermarket purchasers, lacked standing to pursue their claims under the Securities...

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