A federal appeals panel has denied a petition for rehearing filed by plaintiffs who had argued that the 2nd Circuit's initial decision adopted incorrect standards that a district court must apply in determining whether to grant class certification. Following the 2nd Circuit's Friday decision, the plaintiffs can seek certiorari from the U.S. Supreme Court or go back to Southern District of New York Judge Shira Scheindlin and request that she certify a narrower class.
2nd Circuit Refuses to Rehear IPO Class Action Issue
New York Law Journal
April 9, 2007