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Dura Pharmaceuticals, Inc. v. Michael Broudo
United States Supreme Court
544 U.S. 336 (2005)
The investors (plaintiffs) of Dura Pharmaceuticals, Inc. (defendant) brought suit against the corporation for securities fraud. The suit came after Dura admitted that it had made false statements regarding the drugs in its research pipeline, as well as the financial health of the corporation. The district court dismissed the investors’ complaint. The Ninth Circuit Court of Appeals ruled that the complaint was adequate in alleging “loss causation” and ordered that it be reinstated. Dura then petitioned for certiorari to the United States Supreme Court.
Rule of Law
Holding and Reasoning (Breyer, J.)
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