Zekeats
theranchsucks
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Yes, but this applies more in the open field. Of course it was a "catch" according to the rules, but at the time the ball was secured with control he was out of bounds.
"Item 2. Sideline Catches. If a player goes to the ground out-of-bounds (with or without contact by an opponent) in the process of making a catch at the sideline, he must maintain complete and continuous control of the ball until after his initial contact with the ground, or the pass is incomplete."
http://operations.nfl.com/the-rules/nfl-video-rulebook/completing-a-catch/
This is listed before the Item 2 sideline catch. It pertains to any and all catches and is clearly stated:
Note: If a player has control of the ball, a slight movement of the ball will not be considered a loss of possession. He must lose control of the ball in order to rule that there has been a loss of possession.