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IN RE PROSHARES TRUST SECURITIES LITIGATION

Docket No. 12-3981.

728 F.3d 96 (2013)

In re PROSHARES TRUST SECURITIES LITIGATION. Mark Karasick, Steven S. Novick, Susan Asai, Stephen C. Herman, Charles Sankowich, Michael A. Hyman, Howard Schwack, Francisco Javier De Lion Diaz, Rene Lacroix, Anthony Kouri, Anthony Alexander, Jay Bilyeu, Judy Bilyeu, Michael Eric Codlin, Wendy Rockwellgoff, Robert Schumacher, James Hershman, Dorothy Hershman, Scott Tessler, Richard Rhoads, Martin Gary Norris, Dorothy Lowell, Nancy Hitchins, Thomas Truong, Edward Cisneros, Chris Honcik, Stephen Shoap, Dmitri Routski, Elena Lavender-Bowen, David Bowman, David Chow, Mark Everett Brown, Jonathan Dean, Lawrence Lewis Sinsel, Jr., Kenneth L. Kramer, Lawrence I. Weiner, John E. Killough, Alan Parker, Scott A. Smeltz, Howard Schwack, Douglas Jones, Stephen Herman, on behalf of themselves and all others similarly situated, Steven Schnall, Sherri Schnall, on behalf of themselves, Plaintiffs-Appellants, v. ProShares Trust, ProShare Advisors LLC, SEI Investments Distribution Co., Michael L. Sapir, Louis M. Mayberg, Russell S. Reynolds, III, Michael Wachs, Simon D. Collier, ProShares Trust II, Edward Karpowicz, William E. Seale, Charles Todd, Barry Pershkow, Defendants-Appellees.

United States Court of Appeals, Second Circuit.

Decided: July 22, 2013.

Attorney(s) appearing for the Case

Christopher Lovell , Lovell Stewart Halebian Jacobson LLP, New York, N.Y. ( Jacob H. Zamansky , Zamansky & Associates LLC, New York, NY, on the brief), for Plaintiffs-Appellants.

Robert A. Skinner , Ropes & Gray LLP, Boston, MA ( Nick W. Rose , Ropes & Gray LLP, Boston, MA; Douglas H. Hallward-Driemeier , Ropes & Gray LLP, Washington, D.C., on the brief), for Defendants-Appellees ProShares Trust, ProShares Trust II, ProShare Advisors LLC, SEI Investments Distribution Co., Michael Sapir, Louis Mayberg, Edward Karpowicz, William Seale, Simon Collier, Charles Todd, and Barry Pershkow.

Arthur H. Aufses III , Steven S. Sparling , Kramer Levin Naftalis & Frankel LLP, New York, NY, for Defendants-Appellees Russell Reynolds and Michael Wachs.

Before: WESLEY, CARNEY, WALLACE, Circuit Judges.

WESLEY, Circuit Judge:

In this putative class action, Plaintiffs collectively purchased shares in forty-four leveraged ProShares exchange-traded funds ("ETFs") during the August 6, 2006 through June 23, 2009 class period. Third Amended Complaint ("TAC") ¶¶ 1-2. They seek to hold Defendants-Appellees ProShares Trust and ProShares Trust II (collectively, "ProShares") liable for material omissions and misrepresentations...

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