[20050511]RS22038_证券欺诈：Dura PharmaceuticalsInc.诉Broudo.pdf

1 No. 03-932.2 Broudo v. Dura Pharmaceuticals, Inc., 339 F.3d 933 (9th Cir. 2003).Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS22038Updated May 11, 2005Securities Fraud: Dura Pharmaceuticals, Inc.v. Broudoname redactedLegislative AttorneyAmerican Law DivisionSummaryOn June 28, 2004, the United States Supreme Court granted certiorari in the caseDura Pharmaceuticals, Inc. v. Broudo, appealed from the United States Court ofAppeals for the Ninth Circuit.The case concerns allegedly false statements made by Dura to its shareholdersconcerning development and marketing of two of its products: an asthma inhaler andasthma antibiotic. Plaintiffs charge that the company knowingly defrauded investors bymaking overly optimistic statements about product approval and company earnings.The district court held that plaintiffs had not satisfied the requirements for bringingan antifraud case under section 10(b) of the Securities Exchange Act of 1934. The courtof appeals stated that the district court erred in applying the federal law for pleading asecurities fraud case and reversed and remanded the judgment of the district court.