In Re Laser Arms Corp. Securities Litigation

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• subclass created at plaintiffs request for each defendant market-maker alleged to have violated § 12(1) to insure that class members’ claims go only to market-maker from whom they purchased
• “Since the numerosity requirement speaks in terms of impracticability rather than impossibility, plaintiffs need not enumerate the precise number of potential plaintiffs in the class when reasonable estimates will suffice.”
• “The Second Circuit has suggested in dictum that recklessness satisfies the scienter requirement for aiding and abetting liability absent a fiduciary relationship where an accountant can reasonably foresee that third parties will rely on its audit or opinion letter.”
• fraud on the market theory inapplicable to newly issued notes

Source: CourtListener parenthetical corpus (CC0).