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In re PolyMedica Corp. Securities Litigation

United States Court of Appeals for the First Circuit
432 F.3d 1 (2005)


Facts

PolyMedica Corp. (defendant) had filed financial statements from 1998 to 2001, in which the company reported healthy earnings. When it was discovered that these earnings reports were exaggerated, PolyMedica’s stock fell sharply. As such, its investors (plaintiffs) attempted to file a class action lawsuit alleging securities fraud under § 10(b) of the Exchange Act. The district court ruled that the investors could bring suit as a class. PolyMedica then appealed to the First Circuit Court of Appeals.

Rule of Law

Issue

Holding and Reasoning (Lipez, J.)

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