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SALAMEH v. TARSADIA HOTEL

No. 11-55479.

726 F.3d 1124 (2013)

Tamer SALAMEH; Real Estate 4 Hospitality, LLC, A California Limited Liability Company; Aleksey Kats; Diana Kats; Mitchell J. Pereira; Gary A. Torretta; Robert Alvarenga; Alexis Cosio; Cesar Mota; Denis B. Rothe, Jr.; Charlene Schrufer; David R. Bushy; Dale Curtis; Zondra Schmidt; Dolores Green; Christy Jeske; Tazia Reyna; Mary L. Wee Song; Kerry L. Steigerwalt; Beth Steigerwalt; Stuart M. Wolman; Jeffrey E. Lubin; Barbara L. Lubin, Individually and as Co-Trustees of the Lubin Family Trust Dated 26 March 2002; Mikael Havluciyan; Therese Havluciyan, Individually and as Co-Trustees of the Havluciyan Family Trust; Sadoux Kim, Individually and on Behalf of a Class of All Others Similarly Situated, Virginia Gallanosa; Jose Gallanosa; Joey Clement; Kevin Henry; Andrew Paul; Steven Paul; Vito Micale; Philip Gutirrez; Barbara Behrle; Thomas Behrle; Danon Slinkard; Kim Henry; Sylvia Hoerr; Matthew Hoerr, Plaintiffs-Appellants, v. TARSADIA HOTEL, a California corporation; Tushar Patel, an individual; B.U. Patel, an individual; Gregory Casserly, an individual; 5th Rock LLC, a Delaware limited liability company; MPK One, LLC, a California limited liability company; Playground Destination Properties, a corporation; Gaslamp Holdings, LLC, a California limited liability company; Professional Mortgage Partners, Inc., Defendants-Appellees.

United States Court of Appeals, Ninth Circuit.

Filed August 13, 2013.

Attorney(s) appearing for the Case

Michael J. Aguirre (argued), Christopher S. Morris , and Maria C. Severson , Aguirre, Morris & Severson LLP, San Diego, CA, for Plaintiffs-Appellants.

Frederick H. Kranz (argued) and Lynn T. Galuppo , Cox, Castle & Nicholson LLP, Irvine, CA; Jonathan S. Kitchen and Ali P. Hamidi , Cox, Castle & Nicholson LLP, San Francisco, CA, for Defendants-Appellees Tarsadia Hotels, Tushar Patel, B.U. Patel, Gregory Casserly, 5th Rock, LLC, MKP One, LLC, and Gaslamp Holdings, LLC.

Daniel M. Benjamin (argued) and Thomas W. McNamara , Ballard Spahr LLP, San Diego, CA, for Defendant-Appellee Playground Destination Properties, Inc.

Mark D. Cahn , Jacob H. Stillman , Randall W. Quinn , William K. Shirey , Securities and Exchange Commission, Washington, D.C., for Amicus Curiae Securities and Exchange Commission.

Benjamin G. Shatz , Timi A. Hallem , and Jason T. Taketa , Manatt, Phelps & Phillips, LLP, Los Angeles, CA, for Amici Curiae The Real Estate Roundtable and The National Association of Realtors.

Before: RONALD M. GOULD and N. RANDY SMITH, Circuit Judges, and SHARON L. GLEASON, District Judge.

OPINION

GOULD, Circuit Judge:

A transaction that looks nothing like a sale of stock and involving such diverse items as citrus groves and vacation homes may qualify as a sale of a security under federal law. See SEC v. W.J. Howey Co., 328 U.S. 293, 66 S.Ct. 1100, 90 L.Ed. 1244 (1946); Hocking v. Dubois, 885 F.2d 1449 (9th Cir.1989) (en banc). Here, we must decide whether Plaintiffs...

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