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IN RE JIFFY LUBE SECURITIES LITIGATION

Civ. A. No. Y-89-1939.

772 F.Supp. 258 (1991)

In re JIFFY LUBE SECURITIES LITIGATION.

United States District Court, D. Maryland.

August 13, 1991.

Attorney(s) appearing for the Case

John Isbister, Baltimore, Md., Bruce E. Gerstein, New York City, and Steven J. Toll, Washington, D.C., for plaintiffs.

Wilbur D. Preston, Jr. and Fenton L. Martin, Baltimore, Md., for defendant Ernst & Young.

John Henry Lewin, Jr., Baltimore, Md., for defendants Jiffy Lube Intern., Inc., Edward F. Kelley, III and Eleanor C. Harding.

Joseph D. Cheavens, Houston, Tex., for defendant Pennzoil Co.

Terence P. Quinn, Sr., Washington, D.C., for W. James Hindman.

Charles S. Fax, Baltimore, Md., and Stephen W. Greiner, New York City, for the underwriter defendants.

MEMORANDUM

JOSEPH H. YOUNG, Senior District Judge.

Ernst & Young seeks dismissal of the second amended complaint (hereinafter "the complaint" or "the second amended complaint"). The basis of the complaint is that Ernst & Young audited Jiffy Lube International's ("JLI" or "the company") annual financial statements and issued reports assuring members of the investing public that such statements presented JLI's financial position in accordance with...

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