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The full case caption appears at the end of this opinion.

Easterbrook, Circuit Judge. According tothe complaint in this securities-fraudaction, James Hofman, a stockbrokerworking for Prudential Securities, told11 of his customers that JeffersonSavings Bancorp was “certain” to beacquired, at a big premium, in the nearfuture. Hofman continued making thisstatement for seven months (repeating itto some clients); it was a lie, for noacquisition was impending. And if thestatement had been the truth, then Hofmanwas inviting unlawful trading on thebasis of material non-public information.He is a securities offender coming orgoing, see Bateman Eichler, HillRichards, Inc. v. Berner, 472 U.S. 299(1985), as are any customers who tradedon what they thought to be confidentialinformation–if Hofman said what theplaintiffs allege, a subject still to bedetermined. What we must decide iswhether the action may proceed, not onbehalf of those who received Hofman’s”news” in person but on behalf ofeveryone who bought Jefferson stockduring the months when Hofman wasmisbehaving. The district judge certifiedsuch a class, invoking the fraud-on-the-market doctrine of Basic, Inc. v.Levinson, 485 U.S. 224, 241-49 (1988).Prudential asks us to entertain aninterlocutory appeal under Fed. R. Civ.P. 23(f). For two reasons, this is anappropriate case for such an appeal,which we now accept. See Blair v. EquifaxCheck Services, Inc., 181 F.3d 832 (7thCir. 1999).

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