In boon to securities plaintiffs, 6th Circuit pushes loss causation bounds [Reuters]
Community Health Systems, Inc. (CYH)
Last community health systems, inc. earnings: 4/28 04:15 pm
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Source: Reuters
In boon to securities plaintiffs, 6th Circuit pushes loss causation bounds | Reuters 8 Min Read (Reuters) - To prove they were defrauded by a corporation’s lies, shareholders suing as a class have to show they lost money when the fraud was revealed. That’s a simple enough idea: If you didn’t lose money because of the fraud, you don’t have a claim. In securities class actions, as you know, connecting investors’ losses to corporate misrepresentations is more complicated than the simple principle suggests. There’s even specialized lingo for it. “Loss causation” is the link between the alleged fraud and a drop in share price. The U.S. Supreme Court held in 2005’s Dura Pharmaceuticals v. Broudo (125 S.Ct. 1627) that it’s not enough for securities plaintiffs’ lawyers simply to allege the share price was inflated by fraud. So to show the alleged fraud artificially propped up the share price, shareholder class action lawyers look for “corrective disclosures,” in which the corporation’s fraud
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CYH
Earnings
- 2/20/24 - Miss
CYH
Sec Filings
- 4/18/24 - Form 8-K
- 3/28/24 - Form ARS
- 3/28/24 - Form DEF
- CYH's page on the SEC website