Absolute Activist Value Master Fund Ltd. v. Ficeto

677 F.3d 60 (2012)

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Absolute Activist Value Master Fund Ltd. v. Ficeto

United States Court of Appeals for the Second Circuit
677 F.3d 60 (2012)

Facts

Absolute Capital Management Holdings Limited (ACM) acted as an investment manager for nine Cayman Island hedge funds (plaintiffs). Officers and registered broker-dealers of ACM (defendants) made the investment decisions. The Cayman Island hedge funds alleged that ACM’s officers and broker-dealers caused the Cayman Island hedge funds to buy billions of shares of penny-stock companies located within the United States. When these purchases were made, ACM controlled substantial amounts of shares of the penny-stock companies. After ACM caused the Cayman Island hedge funds to purchase the shares, ACM artificially inflated the price of the penny stocks. Then, after inflating the prices, ACM profited by leading the Cayman Island hedge funds to purchase the penny stocks that ACM owned and had originally acquired for pennies or less. The district court dismissed the complaint, and the Cayman Island hedge funds appealed.

Rule of Law

Issue

Holding and Reasoning (Katzmann, J.)

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