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IN RE SALOMON ANALYST METROMEDIA LITIGATION

Docket No. 06-3225-cv.

544 F.3d 474 (2008)

In re SALOMON ANALYST METROMEDIA LITIGATION. Douglas Millowitz, on behalf of himself and all others similarly situated, Plaintiff-Appellee, v. Citigroup Global Markets, Inc., f/k/a Salomon Smith Barney Inc., f/k/a Salomon Smith Barney Holdings Inc., Citigroup Inc., Citicorp USA, Inc. and Jack Grubman, Defendants-Appellants.

United States Court of Appeals, Second Circuit.

Decided: September 30, 2008.

Attorney(s) appearing for the Case

Samuel Issacharoff, New York, N.Y. (Jeffrey J. Angelovich, Bradley E. Beckworth, Susan Whatley, Nix, Patterson & Roach, LLP, Daingerfield, TX; Frederic S. Fox, Donald R. Hall, Christine M. Fox, Kaplan Fox & Kilsheimer, LLP, New York, NY; Sean F. Rommel, Patton, Roberts, McWilliams & Capshaw, LLP, Texarkana, TX; on the brief) for Plaintiff-Appellee.

Robert McCaw (Louis R. Cohen, Christopher J. Meade, Wilmer Cutler Pickering Hale and Dorr LLP; Brad S. Karp, Mark F. Pomerantz, Richard A. Rosen, Eric S. Goldstein, Paul, Weiss, Rifkind, Wharton & Garrison LLP, on the brief) New York, NY, for Defendants-Appellants.

Before: WALKER, CALABRESI, and POOLER, Circuit Judges.

POOLER, Circuit Judge:

In this appeal, we address whether plaintiffs alleging securities fraud against research analysts must make a heightened evidentiary showing in order to benefit from the fraud-on-the-market presumption of Basic Inc. v. Levinson, 485 U.S. 224, 108 S.Ct. 978, 99 L.Ed.2d 194 (1988). In Hevesi v. Citigroup, Inc., we granted the defendants leave to appeal a class certification order under Federal Rule...

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