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Kaufman v. i-Stat Corp.
New Jersey Supreme Court
754 A.2d 1188 (2000)
- Written by Sean Carroll, JD
Facts
Susan Kaufman (plaintiff) owned shares of i-Stat Corporation (defendant). Kaufman alleged that i-Stat misrepresented its financials, artificially increasing the stock price prior to Kaufman’s purchase. Kaufman sued i-Stat for common-law fraud. Kaufman did not allege that i-Stat made the misrepresentations to her but rather sought to rely on the fraud-on-the-market theory to prove the reliance needed for her fraud claim based solely on the stock price. The trial court dismissed Kaufman’s complaint, declining to permit Kaufman to rely on the fraud-on-the-market theory. The appellate court reversed. i-Stat appealed.
Rule of Law
Issue
Holding and Reasoning (LaVecchia, J.)
Dissent (Stein, J.)
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