No. 05-10791.

487 F.3d 261 (2007)

OSCAR PRIVATE EQUITY INVESTMENTS, Individually and on behalf of all others similarly situated, Plaintiff-Appellee, Brett Messing and Marla Messing, Appellees, v. ALLEGIANCE TELECOM, INC., et al., Defendants, Royce J. Holland; Anthony NMI Parella, Defendants-Appellants.

United States Court of Appeals, Fifth Circuit.

May 16, 2007.

Attorney(s) appearing for the Case

Robin B. Howald (argued), Glancy, Binkow & Goldberg, New York City, Roger F. Claxton, Claxton & Hill, Dallas, TX, Lionel Z. Glancy, Kevin F. Ruf, Glancy, Binkow & Goldberg, Los Angeles, CA, for Plaintiff-Appellee and Appellees.

Timothy R. McCormick, G. Luke Ashley (argued), William Lowell Banowsky, Michael Warren Stockham, Thompson & Knight, Dallas, TX, for Defendants-Appellants.

Before JOLLY, HIGGINBOTHAM and DENNIS, Circuit Judges.


This is a permissible interlocutory appeal from an order certifying a securities-fraud class action. Plaintiffs allege violations of section 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 of the Securities Exchange Commission. Relying on the fraud-on-the-market theory, the district court certified the class. We vacate the certification order and remand, persuaded that the class certified fails for wont...

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