FREIDUS v. BARCLAYS BANK PLC

No. 11-2665-CV.

734 F.3d 132 (2013)

Marshall FREIDUS, on behalf of himself and all others similarly situated, Stewart Thompson and Sharon Thompson, Trustees for the S.O. Thompson Rev. Trust and the S.G. Thompson Rev. Trust, Dora L. Mahboubi, Lead Plaintiffs-Appellants, Larry Morrison, individually and on behalf of all others similarly situated, Jeffrey Lefcourt, on behalf of himself and all others similarly situated, Beverly Pellegrini, on behalf of herself and all others similarly situated, Alfred Fait, on behalf of himself and all others similarly situated, Consolidated Plaintiffs, v. BARCLAYS BANK PLC, Barclays PLC, Matthew William Barrett, John Silvester Varley, Naguib Kheraj, Robert Edward Diamond, Jr., Sir Richard Broadbent, Richard Leigh Clifford, Dame Sandra J.N. Dawson, Sir Andrew Likierman, Sir Nigel Rudd, Stephen George Russell, John Michael Sunderland, Barclays Capital Securities Limited, Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wachovia Capital Markets, LLC, Morgan Stanley & Co. Incorporated, UBS Securities LLC, A.G. Edward & Sons, Inc., BNP Paribas Securities Corp., Goldman, Sachs & Co., Keybanc Capital Markets Inc., RBC Dain Rauscher Inc., Suntrust Capital Markets, Inc., Wells Fargo Securities LLC, Marcus Agius, Dr. Christopher Lucas, Gary A. Hoffman, Frederik Seegers, David G. Booth, Fulvio Conti, Daniel Cronje, Banc of America Securities LLC, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: August 19, 2013.


Attorney(s) appearing for the Case

Joseph D. Daley , Robbins Geller Rudman & Dowd LLP, San Diego, CA ( Mark Solomon , Andrew J. Brown , Robbins Geller Rudman & Dowd, San Diego, CA; Samuel H. Rudman , David A. Rosenfeld , Mario Alba, Jr. , Robbins Geller Rudman & Dowd LLP, Melville, NY; Ramzi Abadou , Eli R. Greenstein , Stacey M. Kaplan , Erik D. Peterson , Kessler Topaz Meltzer & Check LLP, San Francisco, CA, on the briefs), for Plaintiffs-Appellants.

Michael T. Tomaino, Jr. , Sullivan & Cromwell LLP, New York, N.Y. ( David H. Braff , Adam T. Kirgis , on the brief), for Defendants-Appellees Barclays Bank PLC, Barclays PLC and the Individual Defendants-Appellees.

Scott D. Musoff , Skadden, Arps, Slate, Meagher & Flom LLP, New York, N.Y. ( Jay B. Kasner , on the brief), for Defendants-Appellees Barclays Capital Securities Limited, Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith, Incorporated, Wachovia Capital Markets, LLC, Morgan Stanley & Co. Incorporated, UBS Securities LLC, A.G. Edwards & Sons, Inc., BNP Paribas Securities Corp., Goldman, Sachs & Co., Key-Banc Capital Markets Inc., RBC Dain Rauscher Inc., Suntrust Capital Markets, Inc., Wells Fargo Securities, LLC and Banc of America Securities, LLC.

Before: POOLER and B.D. PARKER, Circuit Judges.


BARRINGTON D. PARKER, Circuit Judge:

The Lead Plaintiffs are purchasers of American Depositary Shares comprising Callable Dollar Preference Shares of Barclays Bank PLC ("Barclays") sold between April 2006 and April 2008. Alleging that defendants made material misstatements and omissions in the offering materials associated with the sales of these shares, the Lead Plaintiffs sued pursuant to §§ 11, 12(a)(2), and...

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