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

Hofman, a stockbroker for Prudential (D), made knowingly false representations that Jefferson Savings Bancorp was certain to be acquired at a big premium. He only made these statements to a limited number of his clients (West (P)), and they were never released to the general public. The district judge certified a class (West (P)) on behalf of everyone who bought Jefferson stock during the months of Hofman’s transgressions based on fraud on the market doctrine in Basic, Inc. v. Levinson. Prudential filed an interlocutory appeal of this ruling on FRCP 23(f).

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