Securities Regulation Keyed to Coffee
Harris v. Ivax Corp
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In early August, Ivax Corp. issued a press release that mirrored optimism about the future while also recognizing business problems. On September 30, the final day of the quarter, in a press release Ivax broadcast that it anticipated a $43 billion loss. This press release included a list of elements that related to Ivax business affecting third quarter outcomes. The statement included forward looking statements and also factual ones. In early Novemeber, Ivax broadcast a multi-million dollar loss in the third quarter, over one hundred million of which was a decrease in the carrying value of the goodwill attributed to specific Ivax businesses. Neither of the previous press releases cited the probability of a goodwill meltdown. The price of Ivax stock plunged. Investors (Plaintiff) brought suit claiming Ivax press releases included deceitful statements. Investors representative of a class of recent buyers of Ivax stock sued for fraud and negligent misrepresentation. The district court dismissed the complaint.
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