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eBook details

• Title: Pinker V. Roche Holdings Ltd.
• Author : Third Circuit U.S. Court Of Appeals
• Release Date : January 30, 2002
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 67 KB

Description

American Depositary Receipts ("ADRs") are financial instruments that allow investors in the United States to purchase and sell stock in foreign corporations in a simpler and more secure manner than trading in the underlying security in a foreign market. Harold Pinker, the plaintiff in this putative securities fraud class action, invested in ADRs of the defendant, Roche Holdings Ltd. ("Roche"), a Swiss corporation with its principal place of business in Switzerland. The gravamen of Pinker's action is that he purchased Roche ADRs at a price that was artificially inflated due to the company's misrepresentations about the competitiveness of the vitamin market when in fact its subsidiaries were engaged in a worldwide conspiracy to fix vitamin prices. As the truth about Roche's collusive activity began to emerge, Pinker alleges, the price of Roche ADRs dropped, and Pinker and other similarly situated investors suffered a loss. As a result, Pinker claims, Roche is liable for securities fraud in violation of Section 10(b) of the Securities Exchange Act, 15 U.S.C. S 78j(b), and Rule 10b- 5, 17 C.F.R. S 240.10b-5, promulgated thereunder by the Securities and Exchange Commission ("SEC").

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