Masters v. GlaxoSmithKline
United States Court of Appeals for the Second Circuit
271 Fed.Appx. 46 (2008)
Relevant factsFree
Investors known collectively as Masters (plaintiffs) brought a class action against GlaxoSmithKline (defendant) for violating section 10(b) of the Exchange Act; Glaxo had already faced several separate lawsuits between 2001 and 2003 over misstatements about various prescription drugs, with news of the alleged fraud widely reported in the press starting in 2001. The district court dismissed Masters's claim as time-barred, and Masters appealed.
IssueFree
Whether the statute of limitations in a securities litigation is the lesser of two years after discovery of a violation or five years after the violation.