Washtenaw County Employees Retirement System v. Piedmont Office Realty Trust, Inc.

FILED
U.S. COURT OF APPEALS
ELEVENTH CIRCUIT
APRIL 11, 2011
JOHN LEY
CLERK
[DO NOT PUBLISH]
IN THE UNITED STATES COURT OF APPEALS
FOR THE ELEVENTH CIRCUIT
________________________
No. 10-13633
________________________
D. C. Docket No. 1:07-cv-02660-CAP
WASHTENAW COUNTY EMPLOYEES
RETIREMENT SYSTEM, on behalf of
itself and all others similarly situated,
CLARA R. SMITH,
Plaintiffs-Appellees,
versus
PIEDMONT OFFICE REALTY TRUST, INC.,
f.k.a. Wells Real Estate Investment Trust, Inc.,
W. WAYNE WOODY, et al.,
Defendants-Appellants.
________________________
Appeal from the United States District Court
for the Northern District of Georgia
_________________________
(April 11, 2011)
Before MARTIN, FAY and BLACK, Circuit Judges.
PER CURIAM:

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This appeal challenges the certification of a class in a securities fraud case.
Appellant challenges three rulings of the district court which can be summarized
as: (1) That the presumption of reliance as set forth in Affiliated Ute Citizens v.
United States, 406 U.S. 128, 92 S. Ct. 1456 (1972), is applicable; (2) The plaintiffs
are “typical” as required by Fed. R. Civ. P. 23(a)(3); and (3) The plaintiffs will
adequately represent the class as required by Fed. R. Civ. P. 23(a)(4).
After studying the briefs and the record and hearing oral argument, we
affirm the rulings as to numbers (2) and (3). The problem with number (1) is that
the complaint does not support the ruling made by the district court on the
presumption of reliance. We do not decide whether a class is supportable without
the presumption of reliance nor whether a class would be supportable under
allegations in an amended complaint consistent with the arguments presented to
the district court and this court.
We vacate the certification of the class and remand for further proceedings.
VACATED AND REMANDED.
2

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