Anderson
Anderson v. Clow
Opinion
Lead Opinion
Nelson, J.
OVERVIEW
Timothy J. Anderson and other class representatives (collectively “Anderson”) who purchased stock in Stae Electronics (“Stae”) between May 7 and July 20, 1992, appeal the district court’s dismissal of their class action under Sections 11 and 15 of the Securities Act of 1933, 15 U.S.C. §§ 77k, 77o, and Sections 10(b) and 20 of the Securities Exchange Act of 1934, 15 U.S.C. §§ 78j(b) and 78t. Anderson alleges that Stac, certain of its officers and directors, and its lead underwriters, Alex. Brown & Sons, Inc., and Montgomery Securities (“Alex. Brown” and “Montgomery,” respectively; collectively, “Underwriters”), made material misrepresentations or omissions regarding Stac’s initial public offering (“IPO”) of May 7, 1992. We have jurisdiction under 28 U.S.C. § 1291 , and we affirm.
FACTS AND PROCEDURAL HISTORY
This ease arises from Stac’s May 7, 1992, IPO of stock in its computer products company. Stac’s most prominent product is the “Stacker,” a data-compressing device which doubles storage capacity of disk drives in computers using Microsoft’s MS-DOS and compatible systems.
The district court related the following facts, which are not disputed by the parties: