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Pinker v. Roche Holdings, Ltd.

292 F.3d 361 (2002)

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Pinker v. Roche Holdings, Ltd.

United States Court of Appeals for the Third Circuit

292 F.3d 361 (2002)

Facts

American investor Harold Pinker (plaintiff) sued Swiss holding company Roche Holdings, Ltd. (defendant) for securities fraud in New Jersey federal court. Pinker had invested in Roche’s American depositary receipts (ADRs), which allowed Americans to buy and sell stock in foreign corporations more securely than trading in a foreign market. Selling ADRs in the United States required issuers to sponsor the ADRs by depositing shares in an American depositary and entering deposit agreements with ADR holders. Pinker claimed Roche artificially inflated the price of its ADRs by misrepresenting the vitamin market’s competitiveness when Roche subsidiaries were globally conspiring to fix vitamin prices. Pinker alleged that when the price fixing emerged, the price of Roche ADRs dropped, causing Pinker and other Roche investors losses. Pinker did not allege Roche directed fraudulent media releases and annual reports to American investors, but Roche had sponsored its ADRs with an American depositary, and investors traded about 25,000 ADRs per day directly with Roche on the over-the-counter market. The New Jersey District Court dismissed for lack of personal jurisdiction over Roche and failure to adequately plead reliance. Pinker appealed.

Rule of Law

Issue

Holding and Reasoning (Becker, C.J.)

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