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IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF MARYLAND * JOLLY ROGER FUND LP, et. al, * Plaintiffs, v. SIZELER PROPERTY INVESTORS, INC., et al., Defendants. * * * * * * * * * * * * * * * * * * Civil Case No. RDB 05-841

MEMORANDUM OPINION Pending before the Court is the Motion to Dismiss filed by Defendants Sizeler Property Investors ("Sizeler") and its nine directors1 ("Directors") (collectively the "Defendants"). Defendants move to dismiss the Complaint filed, on March 28, 2005, by Plaintiffs Jolly Roger Fund LP and Jolly Roger Offshore Fund, Ltd., on behalf of a proposed class of all Sizeler common stockholders, (collectively the "Plaintiffs") based on Rule 12(b)(6) of the Federal Rules of Civil Procedure. Sizeler is a self-managed real estate investment trust ("REIT") incorporated in Maryland with its principal place of business in Kenner, Louisiana. (Compl.

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