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Harris v. Ivax Corp.

United States Court of Appeals for the Eleventh Circuit
182 F.3d 799 (1999)


Facts

Ivax Corp. (defendant) is a generic drug company that had been very profitable in 1995. In 1996, however, it experienced financial difficulties. In a press release in September 1996, Ivax stated that prices had declined, but that the company remained optimistic about future revenue as a result of the lower prices. This did not come to fruition, and Ivax suffered significant losses. Its shareholders (Harris) (plaintiffs) then brought suit, alleging that Ivax committed fraud through the September press release. The district court ruled in favor of Ivax. Harris then appealed to the Eleventh Circuit Court of Appeals.

Rule of Law

Issue

Holding and Reasoning (Cox, J.)

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