Opinion ID: 324093
Heading Depth: 1
Heading Rank: 4

Heading: marine midland and brownstein

Text: 14 The complaint alleges, among other things, that Brownstein (and his employer, Marine Midland) circulated a report about 3 I Co. that projected significant increases in 3 I Co.'s future earnings and that Brownstein failed to correct that projection in subsequent reports on 3 I Co. even though the president of 3 I Co., Gerald Brodsky, expressly disavowed the earnings projections in a letter to Brownstein. The complaint also alleges, albeit in general terms, that plaintiffs purchased stock in reliance upon the various actions taken by defendants. 6 While it can hardly be said that the plaintiff's charges are a wellpleaded complaint, it is clearly sufficient with respect to Marine Midland and Brownstein. The complaint alleges specific acts and omissions on the part of these defendants which, if true, might well be found, after a trial, to constitute fraudulent conduct on their part. The allegations are not merely conclusory and these defendants cannot argue that they have not been apprised of the acts that are alleged to constitute fraud. Thus we reverse the order of the district court dismissing plaintiffs' complaint with respect to Marine Midland and Brownstein. 7 15 In light of the fact that plaintiffs are both lawyers and have had several opportunities to draft a satisfactory complaint against Stitching, Sher, Elias, and Riesenbach, we will not disturb that part of the district court's order that denies plaintiffs leave to amend their complaint against those defendants. Mooney v. Vitolo, 435 F.2d 838, 839 (2d Cir. 1970). 16 We find it unnecessary to consider plaintiffs' other arguments, e.g., whether a defendant waives a rule 9(b) objection to one amended complaint if he has answered a prior complaint in the same action. 17 The district court's order is affirmed with respect to defendants Stitching, Sher, Elias and Riesenbach, and reversed as to all other defendants. 8