In a securities fraud class action, denial of plaintiffs' motion for class certification is affirmed where no authority supported plaintiffs' proposed "integrity of the market" presumption in market manipulation cases, and thus, the district court correctly declined to presume class-wide reliance on the allegedly fraudulent statements.
Argued and Submitted May 7, 2009
Filed July 29, 2009
Concurrence by Judge O'Scannlain
Concurrence by Judge Graber