Court of Appeals for the Second Circuit April 1, 2002, Docket 01-3092 (In Re Certain Underwriter, in Re Initial Public Offering Securities Litigation)

POOLER, Circuit Judge.

Determined to recover losses sustained in the initial public offering (“IPO”) market which flourished during the stock market boom of the late 1990s, investor-plaintiffs brought more than 1,000 class action lawsuits (the “Securities Actions”) against issuers, underwriters, and brokers, all alleging widespread manipulation of both the IPO market and IPO aftermarket.