Opinion ID: 74086
Heading Depth: 1
Heading Rank: 1

Heading: introduction

Text: This is a securities class action lawsuit brought by shareholders of Apple South, Inc. (now known as Avado Brands, Inc.) against the corporation and several of its officers. Bryant et al. (Plaintiffs) allege that Dupree et al. (Defendants) made false and misleading statements and material omissions in order to inflate the value of the company's stock in violation of the Securities and Exchange Act of 1934. The district court denied Defendants' Motion to Dismiss, but because of the novel questions presented under the Private Securities Litigation Reform Act of 1995, 15 U.S.C. § 78u-4 et seq. (West Supp.1999) (Reform Act), certified its order for interlocutory review pursuant to 28 U.S.C. § 1292(b). This Court accepted the petition in order to set out the applicable law. We vacate the order entered by the district court and remand the case for further proceedings consistent with this opinion. STATEMENT OF FACTS