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BROYLES v. COMMONWEALTH ADVISORS, INC.

No. 17-30092.

936 F.3d 324 (2019)

Joseph BROYLES; M. Badi Asbahi; Preston Cloyd; Steve Collins; Eileen Collins; Charles Richey; Anne Richey; Susan B. Beninati; Russ P. Barranco; Janice B. Virgadamo; Jody A. Barranco; Karen L. Barranco; Municipal Employees Retirement System of Louisiana; Firefighters Retirement System; Registrar of Voters Employee Retirement System, Plaintiffs-Appellants, v. COMMONWEALTH ADVISORS, INCORPORATED; Walter A. Morales, Defendants-Appellees.

United States Court of Appeals, Fifth Circuit.

Filed August 28, 2019.

Attorney(s) appearing for the Case

James Richard Swanson, Attorney, Jason W. Burge, Alysson Leigh Mills, Esq., Fishman Haygood, L.L.P., New Orleans, LA, for Plaintiffs-Appellants.

Fredrick R. Tulley, John Anthony Milazzo, Jr., Taylor, Porter, Brooks & Phillips, L.L.P., Baton Rouge, LA, for Defendants-Appellees.

Royal B. Lea, III, Bingham & Lea, P.C., San Antonio, TX, for Amicus Curiae Public Investors Arbitration Bar Association.

Robert David Klausner, Esq., Klausner, Kaufman, Jensen & Levinson, Plantation, FL, for Amici Curiae Louisiana Sheriffs Pension and Relief Fund, National Conference on Public Employee Retirement Systems.

Before DENNIS, OWEN, and SOUTHWICK, Circuit Judges.

The issue in this appeal is whether the investor plaintiffs have Article III standing to sue their former investment advisers for securities fraud under Louisiana law. To establish a securities fraud claim under Louisiana law a plaintiff must show that "(1) the defendant made an untrue statement of a material fact...

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