Case Updates
Review denied
September 25, 2007
The Arizona Supreme Court declined to review this case in 2007. The court decided to take the case in 2010, but NCLC did not file at that stage.
U.S. Chamber files amicus brief urging Arizona Supreme Court to review proof of loss causation under Arizona securities laws
April 19, 2007
NCLC filed a brief urging the Arizona Supreme Court to grant review to reaffirm the loss causation principles articulated by the United States Supreme Court in Dura Pharmaceuticals v. Broudo. The intermediate appellate court’s decision permits a plaintiff to “recover losses caused by a general market decline (rather than from any alleged fraud), regardless of whether the plaintiff actually purchased the stock from the defendant, regardless of whether the plaintiff still owns the stock, and regardless of whether the plaintiff actually suffered any loss due to the alleged fraud.” No other court has adopted such a broad recovery rule and NCLC filed this brief urging the Arizona Supreme Court to reverse this outlier case.