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Filed June 10, 1997

UNITED STATES COURT OF APPEALS
FOR THE THIRD CIRCUIT

No. 96-5187

IN RE BURLINGTON COAT FACTORY
SECURITIES LITIGATION

P. GREGORY BUCHANAN, JACOB TURNER AND
RONALD ABRAMOFF,
Appellants

ON APPEAL FROM THE
UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF NEW JERSEY
(D.C. Civil Nos. 94-04663, 94-04737, 94-04751)

Argued: December 12, 1996

Before: GREENBERG, ALITO, and ROTH, Circuit Judges.

(Opinion Filed: June 10, 1997)
Jeffrey W. Golan (argued)
Leonard Barrack
Gerald J. Rodos
Robert A. Hoffman
BARRACK, RODOS & BACINE
3300 Two Commerce Street
2001 Market Street
Philadelphia,          4
discount prices. By mid-1993, BCF was operating a total of
185 stores in 39 states. The stores ranged in size from
16,000 to 133,000 square feet and featured outerwear
(coats, jackets, and raincoats) and complete lines of
clothing for men, women, and children.

BCF opened in 1924, under the management of Abe
Milstein, and specialized in wholesale outerwear. In the
1950's, Abe's son, Monroe, joined the business. In 1972,
BCF acquired a coat factory and outlet store in Burlington,
New Jersey, and began operation as a retailer.

BCF is a public company traded on the New York Stock
Exchange. During the class period for this case, the average
daily trading volume for BCF common stock was 100,000
shares. Plaintiffs assert that BCF's securities are actively
followed by numerous analysts and that the