Lipton v. Documation Inc. Book Reviews

Lipton v. Documation Inc. by Eleventh Circuit U.S. Court of Appeals Book Summary

KRAVITCH, Circuit Judge: The plaintiffs brought this proposed class action on behalf of themselves and other purchasers of Documation, Inc. securities, alleging violations of § 10(b) of the Securities Exchange Act of 1934 and Securities and Exchange Commission rule 10b-5.1 As the basis of their complaint, the plaintiffs rely on what has commonly become known as the ""fraud on the market"" theory. Specifically, they allege that the defendants disseminated into the marketplace financial reports and statements that falsely claimed that Documation had substantial earnings and revenue, when, in fact, the defendants knew that the company had suffered a significant net loss. The plaintiffs further allege that although they did not rely directly on these misleading documents, the documents caused the market price of Documation securities to become artificially inflated and that they detrimentally relied upon the integrity of the market prices in purchasing the securities. The plaintiffs seek recovery for the losses suffered when Documation's true financial situation came to light and the price of the securities declined.

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Lipton v. Documation Inc. (Eleventh Circuit U.S. Court of Appeals) Book Reviews 2024

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