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DURA PHARMACEUTICALS, INC. v. BROUDO

No. 03-932.

544 U.S. 336 (2005)

125 S.Ct. 1627

161 L.Ed.2d 577

DURA PHARMACEUTICALS, INC., et al. v. BROUDO ET AL.

Supreme Court of United States.

Decided April 19, 2005.

Attorney(s) appearing for the Case

William F. Sullivan argued the cause for petitioners. With him on the briefs were Christopher H. McGrath and Tracey L. DeLange.

Deputy Solicitor General Hungar argued the cause for the United States as amicus curiae urging reversal. With him on the brief were Acting Solicitor General Clement, Dan Himmelfarb, Jacob H. Stillman, Eric Summergrad, and Allan A. Capute.

Patrick J. Coughlin argued the cause for respondents. With him on the brief were Sanford Svetcov, Eric Alan Isaacson, Joseph D. Daley, Alan Schulman, Myron Moskovitz, Daniel S. Sommers, and Paul R. Hoeber.*

JUSTICE BREYER delivered the opinion of the Court.

A private plaintiff who claims securities fraud must prove that the defendant's fraud caused an economic loss. 109 Stat. 747, 15 U.S.C. § 78u-4(b)(4). We consider a Ninth Circuit holding that a plaintiff can satisfy this requirement— a requirement that courts call "loss causation"—simply by alleging in the complaint and subsequently establishing that "the price" of the security "on the date of...

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