BOOTH FAMILY TRUST v. JEFFRIES

No. 09-3443.

640 F.3d 134 (2011)

The BOOTH FAMILY TRUST, Charles Federman, Trustee, Derivatively on Behalf of Nominal Defendant, Abercrombie & Fitch; Alfred Freed, Plaintiffs-Appellants, v. Michael S. JEFFRIES; Robert S. Singer; Russell M. Gertmenian; Archie M. Griffin; James B. Bachmann; Lauren J. Brisky; John W. Kessler; John A. Golden; Edward F. Limato; Samuel N. Shahid, Jr.; Allan A. Tuttle, and Abercrombie & Fitch Co., Defendants-Appellees.

United States Court of Appeals, Sixth Circuit.

Decided and Filed: April 5, 2011.

Rehearing and Rehearing En Banc Denied May 11, 2011.


Attorney(s) appearing for the Case

ARGUED: Beth A. Keller , New York, New York, for Appellants. Philip A. Brown , Vorys, Sater, Seymour and Pease LLP, Columbus, Ohio, for Appellees. ON BRIEF: Beth A. Keller , Jamie R. Mogil , New York, New York, Jacob A. Goldberg , Faruqi & Faruqi, LLP, Huntington Valley, Pennsylvania, for Appellants. Philip A. Brown , Alycia N. Broz , Vorys, Sater, Seymour and Pease LLP, Columbus, Ohio, for Appellees.

MARTIN, J., delivered the opinion of the court, in which DUGGAN, D.J., joined. GRIFFIN, J. (pp. 147-50), delivered a separate dissenting opinion.


OPINION

BOYCE F. MARTIN, JR., Circuit Judge.

Plaintiffs-appellants are shareholders of Abercrombie & Fitch Co. The Shareholders filed a derivative suit on behalf of Abercrombie against several officers and directors alleging that defendants caused Abercrombie to make misleading public statements between June 2 and August 18, 2005, which caused the stock price to rise and then fall once the falsity of these statements was revealed.1...

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