Nathenson v. Zonagen Inc. , 100 F. App'x 987 ( 2004 )

United States Court of Appeals
Fifth Circuit
F I L E D
UNITED STATES COURT OF APPEALS
For the Fifth Circuit June 16, 2004
Charles R. Fulbruge III
Clerk
No. 03-20655
JAMES M. NATHENSON, etc.; ET AL.,
Plaintiffs,
JAMES M. NATHENSON, on behalf of himself and all others
similarly situated; AMIT SANGHVI; ROBERT STRASSMAN; ARNO HAUSMANN,
Plaintiffs-Appellants,
VERSUS
ZONAGEN INC.; JOSEPH PODOLSKI; STEVEN BLASNIK; MARTIN P. SUTTER,
Defendants-Appellees,
______________________________________
AMIT SANGHVI, on behalf of himself and all others
similarly situated,
Plaintiff-Appellant,
VERSUS
ZONAGEN INC.; JOSEPH PODOLSKI; STEVEN BLASNIK; MARTIN P. SUTTER,
Defendants-Appellees.
Appeal from the United States District Court
For the Southern District of Texas
H-98-CV-1010
Before JOLLY, DAVIS and JONES, Circuit Judges.
PER CURIAM:*
After reviewing the record in this case and considering the
briefs and argument of the parties, we are satisfied that the
district court did not abuse its discretion in denying the
plaintiffs’ motion for leave to amend.
On the merits, the question of reliance in plaintiffs’ fraud-
on-the-market case is controlled by Greenberg v. Crossroads
Systems, Inc., 364 F.3d 657 (5th Cir. 2004). Under the reasoning
of that case, we agree with the district court that the defendants
successfully rebutted the presumption that the plaintiffs purchased
the Zonagen stock in reliance on defendants’ false statements. For
these reasons and the reasons stated by the district court in its
careful opinion of June 13, 2003, the district court’s judgment is
AFFIRMED.
*
Pursuant to 5TH CIR. R. 47.5, the Court has determined that this
opinion should not be published and is not precedent except under
the limited circumstances set forth in 5TH CIR. R. 47.5.4.
2