This section contains the nature of the case and procedural background.

Numerous individuals of a class brought a class action suit against Coopers & Lybrand (D), for securities violations. D certified the financial statements in a prospectus for investments in Punta Gorda Isles. Ps allegedly relied on D’s statements and lost money. They sued under various securities law violations to recover their funds. The trial court certified the class, and then later decertified it. Livesay (P) appealed the decertification under 1291. The court of appeals found the action to be appealable under 28 U.S.C. Section 1292 and reversed the decertification order. D sought review of the reversal, and the Supreme Court granted certiorari.

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