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GARBER v. LEGG MASON, INC.

No. 06 Civ. 9436 (DC).

537 F.Supp.2d 597 (2008)

Robert L. GARBER, On Behalf of Himself and All Others Similarly Situated, Plaintiff, v. LEGG, MASON, INC. et al., Defendants.

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

March 17, 2008.

Attorney(s) appearing for the Case

Coughlin, Stoia, Geller, Rudman & Robbins LLP by Samuel Howard Rudman, Esq., David Avi Rosenfeld, Esq., Joseph Russello, Esq., Mario Alba, Jr., Esq., Melville, NY, for Plaintiff.

Milbank, Tweed, Hadley & McCloy LLP by James N. Benedict, Esq., Sean Miles Murphy, Esq., Christopher Neil Gray, Esq., Deborah A. Elman, Esq., Rachel Penski, Esq., New York, NY, for Defendants Legg Mason, Inc., Raymond A. Mason, and Charles J. Daley.

Clifford Chance US, LLP by Mark Adam Kirsch, Esq., Mark Holland, Esq., Mary Kathryn Dulka, Esq., Valeria Calafiore, Esq., New York, NY, for Defendant Citigroup Global Markets Inc.

OPINION

CHIN, District Judge.

In this securities class action, plaintiffs allege that defendants engaged in an illegal scheme to defraud purchasers of defendant Legg Mason, Inc. ("Legg Mason") stock by failing to disclose certain information relating to Legg Mason's "swap" of certain assets with defendant Citigroup Global Markets Inc. ("Citigroup"). Plaintiffs further allege that this scheme resulted in an artificial inflation of the stock price and...

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