INSTITUTIONAL INVESTORS GROUP v. AVAYA, INC.

No. 06-4595.

564 F.3d 242 (2009)

INSTITUTIONAL INVESTORS GROUP, Lead Plaintiff; Howard Charatz, individually and on behalf of all others similarly situated, Appellants v. AVAYA, INC.; Donald K. Peterson; Garry K. McGuire, Sr.

United States Court of Appeals, Third Circuit.

Filed: April 30, 2009.


Attorney(s) appearing for the Case

Sanford Svetcov, Esquire, (Argued), Coughlin Stoia Geller Rudman & Robbins, San Francisco, CA, for Appellants.

Steven M. Schatz, Esquire, (Argued), Wilson Sonsini Goodrich & Rosati Palo Alto, CA, Kerri E. Chewning, Esquire, Archer & Greiner Haddonfield, NJ, for Appellees.

Before: SCIRICA, Chief Judge, FISHER and ROTH, Circuit Judges.


OPINION OF THE COURT

SCIRICA, Chief Judge.

This is a shareholders securities action, putatively a class action, alleging defendants made false or misleading statements about earnings growth potential and pricing pressure in violation of the Securities and Exchange Act of 1934. Shareholders' central theory is that investors and analysts viewed the key to Avaya's success to be its ability to increase sales revenues without cutting prices. The District Court...

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