IN RE WILLIAMS SECURITIES LITIGATION-WCG SUBCLASS

No. 07-5119.

558 F.3d 1130 (2009)

In re WILLIAMS SECURITIES LITIGATION—WCG SUBCLASS.

United States Court of Appeals, Tenth Circuit.

February 18, 2009.


Attorney(s) appearing for the Case

Jonathan E. Bridges, Susman Godfrey LLP, Dallas, TX (William Christopher Carmody, John W. Turner, and Jeremy J. Brandon, Susman Godfrey LLP, Dallas, TX; Joshua H. Vinik, Matthew A. Kupillas, and Kent A. Bronson, Milberg Weiss LLP, New York, NY; and Behram V. Parekh, Yourman Alexander & Parekh LLP, Los Angeles, CA, with him on the briefs), for Plaintiffs-Appellants.

James L. Kincaid, Crowe & Dunlevy, Tulsa, OK (Michael J. Gibbens, Victor E. Morgan, Susan E. Huntsman, Crowe & Dunlevy, Tulsa, OK and Mary H. Tolbert, Crowe & Dunlevy, Oklahoma City, OK, with him on the brief) for Defendants-Appellees Howard E. Janzen, Scott E. Schubert, Kenneth Kinnear II, Matthew W. Bross, Bob F. McCoy, Howard S. Kalika, John C. Bumgarner Jr., and Frank M. Semple.

Theodore J. Boutrous, Jr., Gibson, Dunn & Crutcher LLP, Los Angeles, CA (Julian W. Poon, Gibson, Dunn & Crutcher LLP, Los Angeles, CA; Timothy K. Roake and Ethan D. Dettmer, Gibson, Dunn & Crutcher LLP, Palo Alto, CA; and Graydon Dean Luthey, Jr. and Sarah Jane Gillett, Hall, Estill, Hardwick, Gable, Golden & Nelson, P.C., Tulsa, OK, with him on the brief), for Defendants-Appellees The Williams Companies, Inc. and Keith E. Bailey.

Before McCONNELL, ANDERSON, and BALDOCK, Circuit Judges.


McCONNELL, Circuit Judge.

On July 24, 2000, The Williams Companies, Inc. ("WMB") announced that it would be spinning off its telecommunications subsidiary, Williams Communications Group ("WCG"), in a move that it called "the best way to ensure that both our energy and communications businesses have the efficient and effective access to the capital necessary to pursue the substantial growth that each enjoys." Not two years later, on April 22, 2002, WCG filed for bankruptcy...

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