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Securities Regulation Keyed to Coffee
Hertzberg v. Dignity Partners, Inc.
Facts
Dignity Partners, Inc. (Defendant) issued a registration statement for a preliminary public offering of Dignity common stock. Dignity would purchase the rights to life insurance profits from persons with AIDS, accepting responsibility for payment of premiums and also paying a lump sum up front. Just after the offering, AIDS patients’ life expectancy extended as a result of new AIDS treatments. Because of these new treatments, Dignitysuffered enormous losses and the stock plunged. Hertzberg (Plaintiff), who bought Dignity stock on the open market over 25 days following the IPO but prior to the extended life expectancy of AIDS patients or huge losses to Dignity became public, filed a class action contending § 11 violations.
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