| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w8618 |
| 来源ID | Working Paper 8618 |
| Short Sales, Damages and Class Certification in 10b-5 Actions | |
| Robert C. Apfel; John E. Parsons; G. William Schwert; Geoffrey S. Stewart | |
| 发表日期 | 2001-12-01 |
| 出版年 | 2001 |
| 语种 | 英语 |
| 摘要 | In a short sale, an investor sells a share of stock he does not own and profits when the price of the stock declines. A peculiar feature of short sales is the apparent increase in the number of shares of stock beneficially held by investors over and above the actual number of shares issued by the corporation. It has previously been noted that this may create problems in the execution of proxy votes. In this paper we illustrate a related problem in the prosecution of claims of securites fraud. We examine this problem using the recent case of Computer Learning Centers, Inc., (CLC) in which the number of short sales was extremely large. Plaintiffs in the Computer Learning Centers case proposed a class including all those who purchased CLC common stock from April 30, 1997 to April 6, 1998. Defendants opposed certification of the class, focusing on the large number of short sales and the resulting difficulty in establishing which members of the class actually had standing to sue. The court denied the motion for class certification. Although the court gave plaintiffs leave to amend the class, the case was settled before a new class was identified. |
| 主题 | Financial Economics ; Financial Markets |
| URL | https://www.nber.org/papers/w8618 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/566224 |
| 推荐引用方式 GB/T 7714 | Robert C. Apfel,John E. Parsons,G. William Schwert,et al. Short Sales, Damages and Class Certification in 10b-5 Actions. 2001. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w8618.pdf（566KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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