MEMORANDUM OPINION
LEWIS A. KAPLAN, District Judge.
Plaintiff, an investor in auction rate securities ("ARS"), brings this purported class action against a financial service firm and its two wholly-owned subsidiaries that underwrote, marketed and sold the securities and managed the auctions at which the interest rates they paid were set. Plaintiff claims that defendants knowingly misrepresented ARS to potential investors as highly liquid investments and...
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