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HOLMES v. GRUBMAN

No. S09Q1585.

691 S.E.2d 196 (2010)

HOLMES et al. v. GRUBMAN et al.

Supreme Court of Georgia.

Reconsideration Denied March 15, 2010.

Attorney(s) appearing for the Case

Burton & Armstrong, Joseph J. Burton, Jr., Rosemary S. Armstrong, Atlanta, for appellant.

Rogers & Hardin, C.B. Rogers, Brett A. Rogers, Richard H. Sinkfield, Atlanta, for appellee.

Cohen, Goldstein, Port & Gottlieb, Robert C. Port, Parker, Hudson, Rainer & Dobbs, David G. Russell, Atlanta, amici curiae.

CARLEY, Presiding Justice.

As of June 1999, Appellants William K. Holmes and four entities controlled by him owned 2.1 million shares in WorldCom, Inc., the major telecommunications company which went bankrupt after the revelation of massive accounting fraud in 2002. In this suit against Appellees Citigroup Global Markets, Inc., f/k/a Salomon Smith Barney & Co., Inc. (SSB), and its financial analyst, Jack Grubman, Appellants allege that, on June 25, 1999, Holmes...

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