Lipton v. Pathogenesis Corp.’s Empirical Analysis
284 F.3d 1027 · 2002
Citation profile
48 federal appellate · 5 district ·
How this case has been cited
Cited by 158 later decisions — most recently March 2024 · most notably Vess v. Ciba-Geigy Corp. USA (2003), Cafasso v. General Dynamics C4 Systems, Inc. (2011)
48 federal appellate · 5 district ·
Later decisions citing this case, by decade. The current decade is in progress, and our corpus holds fewer opinions from the most recent years, so the latest bars are undercounted — not a real decline.
Relationships
Applies 15 U.S.C. § 783 · 15 U.S.C. § 78U (§ 21d of the Securities Exchange Act of 1934) · 15 U.S.C. § 78U (§ 21e of the Securities Exchange Act of 1934) · 28 U.S.C. § 1291
Relies on Max Lopez Jr v. Ga Smith Larry Loo a Acevedo Patterson 4a-2r · Acito v. IMCERA Group, Inc. · Janas v. McCracken · Lawrence Greebel Richard Crane Brian Robinson John Ann Somers v. Ftp Software Inc · Bryant v. Avado Brands, Inc.
Most-quoted passages
The sentences later courts lift from this opinion, ranked by how many decisions quote each — the parts of the opinion doing the work. These counts are smaller than the citation total above because most of the 158 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
“Although plaintiffs refer to the existence of the IMS data and make a general assertion about what they think the data shows, plaintiffs do not allege with particularity any specific information showing that prescription data informed defendants that patient demand for TOBÍ was flat. Plaintiffs do not mention a specific IMS document relied on by defendants such as a particular IMS report, graph or chart. Nor do they detail with particularity the content of such data. Rather, plaintiffs merely allege that PathoGenesis tracked patient demand using data provided by IMS and that this data supposedly indicated that patient demand was flat. As we held in Silicon Graphics, negative characterizations of reports relied on by insiders, without specific reference to the contents of those reports, are insufficient to meet the heightened pleading requirements of the PSLRA. We hold that plaintiffs’ allegations of negative internal reports and IMS data are insufficient to demonstrate deliberate or conscious recklessness.”
4 later decisions quote this exact passage · from the majority“If scienter could be pleaded merely by alleging that officers and directors possess motive and opportunity to enhance a company’s business prospects, “virtually every company in the United States that experiences a downturn in stock price could be forced to defend securities fraud actions.” ... [Defendant’s] alleged desires to obtain favorable financing and to expand abroad are in themselves ordinary and appropriate corporate objectives. Such routine business objectives, without more, cannot normally be alleged to be motivations for fraud.”
4 later decisions quote this exact passage · from the majority“[a]ny person who violates any provision of this chapter or the rules or regulations thereunder by purchasing or selling a security while in possession of material, nonpublic information.”
4 later decisions quote this exact passage · from the majority
How this case has been treated — in progress
Whether each later court followed, distinguished, criticized, or overruled this decision. The treatment classification (task #35) runs highest-cited cases first and lights up here as it reaches this one.