Court of Appeals for the Second Circuit September 4, 2003, Docket 02-7503 (Emergent Capital Investment Management, LLC v. Stonepath Group, Inc., Previously Known as Net Value Holdings, Inc., Andrew Panzo and Lee Hansen)

CARDAMONE, Circuit Judge.

This is a securities fraud action. It arises out of a failed investment by plaintiff Emergent Capital Investment Management, LLC (Emergent, plaintiff, or appellant), in the preferred stock of defendant Net Value Holdings, Inc., presently known as Stonepath Group, Inc. (NETV).