In Re Rexplore, Inc. Securities Litigation

MEMORANDUM DECISION AND ORDER

This litigation arises out of the sale of unregistered securities, specifically limited partnership interests in several oil and gas partnerships sold by Rexplore, Inc. Rexplore created approximately 34 oil and gas limited partnerships and served as the general partner of each one. Rexplore subsequently declared bankruptcy.

Before the Court are six actions brought by investors in these limited partnerships. The pretrial proceedings in these actions, as well as in several default actions brought by surety companies, are consolidated in this Court pursuant to an order of the Judicial Panel on multi-district ligitation. The Court designated the Third Amended Complaint (“Complaint”) in Noble v. Levine, C-86-1448 DLJ, as the lead complaint for purposes of the motions to dismiss currently before the Court. The parties have agreed that the Court’s ruling on the claims common to all six actions will bind all the plaintiffs.

I.

Interests in the limited partnerships were sold pursuant to a private placement Offering Memorandum (“Memorandum”). The Grayson County Oil & Gas Drilling Associates, Ltd. Memorandum, the sole Offering Memorandum at issue in the…