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Business Associations Keyed to Coffee, 9th Ed.
Dura Pharmaceuticals, Inc. v. Michael Broudo
Citation:
544 U.S. 336, 125 S. Ct. 1627, 161 L. Ed. 2d 577 (2005)Facts
The plaintiffs were individuals who purchased Dura Pharmaceuticals stock between April 15, 1997, and February 24, 1998. They alleged that during this period, Dura made false statements about both its drug profits and the likelihood of FDA approval for a new asthmatic spray device. Specifically, Dura claimed its drug sales would be profitable and that FDA approval of the spray device was imminent. On February 24, 1998, Dura announced lower-than-expected earnings primarily due to slow drug sales, causing its stock price to drop by almost half the next day. About eight months later, in November 1998, Dura announced that the FDA would not approve the asthmatic spray device, which caused a temporary drop in stock price that recovered within a week. The plaintiffs’ complaint alleged they “paid artificially inflated prices for Dura securities” and suffered “damages” as a result, but did not specify how the misrepresentation about the spray device caused economic loss.
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