In re PolyMedica Corp. Securities Litigation
United States Court of Appeals for the First Circuit
432 F.3d 1 (2005)
Relevant factsFree
PolyMedica Corp. (PolyMedica) filed financial statements from 1998 to 2001 reporting healthy earnings that were later discovered to be exaggerated, causing PolyMedica's stock to fall sharply once the truth emerged. Investors sought class certification for a § 10(b) securities-fraud claim under the fraud-on-the-market theory; the district court permitted the class, and PolyMedica appealed.
IssueFree
Whether a market is efficient when the market price of a stock fully reflects all information available to the public.
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