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Before Boudin, Circuit Judge, Souter, *fn1 Associate Justice, and Howard, Circuit Judge.

In February of 2008, the market for auction-rate securities (“ARS”) froze, creating a well-publicized liquidity crisis. During the following summer, plaintiffs Braintree Laboratories, Inc., Braintree Holdings, and Braintree Real Estate Management Company (collectively, “Braintree”) made $41 million worth of investments in ARS — by that point already illiquid and significantly depreciated — at par value. Braintree later insisted that it had been deceived. Claiming that its broker-dealer, defendant Citigroup Global Markets, Inc. (“CGMI”),*fn2 had misrepresented the purchased securities as entirely liquid money market investments, Braintree brought this action in federal district court seeking rescission of the transactions, restitution of the consideration paid, and damages.

The district court ordered the dispute transferred to arbitration pursuant to Braintree’s brokerage agreement. It also denied Braintree’s request for a mandatory preliminary injunction to rescind the contract and refund the purchase price, pending arbitration. Braintree Labs, Inc. v. Citigroup Global Markets, Inc., 671 F. Supp. 2d 202 (D. Mass. 2009). Braintree now appeals both of those decisions.

 
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