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In re Burlington Coat Factory Securities Litigation

United States Court of Appeals for the Third Circuit
114 F.3d 1410 (1997)


Facts

In September 1994, Burlington Coat Factory (BCF) (defendant) announced that its earnings per share for the 1994 fiscal year would be significantly lower than had been estimated in the company’s voluntary earnings forecast from the prior year. This announcement caused BCF’s stock to drop by more than 30% in a short period of time. Several lawsuits were then filed against the company by its shareholders (plaintiffs), who claimed that BCF should have updated investors on the company’s financial health prior to the announcement in question. The district court ruled in favor of BCF. Its shareholders then appealed to the Third Circuit Court of Appeals.

Rule of Law

Issue

Holding and Reasoning (Alito, J.)

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