Legal Opinion
In Re Philip Morris Securities Litigation
District Court, S.D. New York
Decided January 9, 1995No. 93 Civ. 2131(RO)PublishedCited by 5 opinions
1Opinion of the Court
OPINION AND ORDER
OWEN, District Judge.
This class action had its genesis on Friday, April 2, 1993. That morning Philip Morris announced that it would reduce the average price on its flagship Marlboro cigarette brand by forty cents per pack. Philip Morris expected that, as a result of this, operating earnings for 1993 from its United States tobacco business would be down as much as forty percent.
Less than five hours later, at 1:25 p.m., the first of these class action lawsuits was filed on behalf of a plaintiff that had bought 60 shares during the alleged class period. Four more lawsuits were…
2Cases cited20 opinions
- Conley v. GibsonSupreme Court of the United States · 1957
- Basic Inc. v. LevinsonSupreme Court of the United States · 1988
- Central Bank of Denver, N. A. v. First Interstate Bank of Denver, N. A.Supreme Court of the United States · 1994
- Fed. Sec. L. Rep. P 95,228 Rocco Dileo and Louise Dileo v. Ernst & YoungCourt of Appeals for the Seventh Circuit · 1990
- Luce v. EdelsteinCourt of Appeals for the Second Circuit · 1986
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3Cited by5 opinions
- San Leandro Emergency Medical Group Profit Sharing Plan v. Philip Morris Companies, Inc.Court of Appeals for the Second Circuit · 1996
- Pitten v. JacobsDistrict Court, D. South Carolina · 1995
- In Re Bausch & Lomb, Inc. Securities LitigationDistrict Court, W.D. New York · 2008
- Wilensky v. Digital Equipment Corp.District Court, D. Massachusetts · 1995
- In Re Hunter Environmental Services, Inc. Securities LitigationDistrict Court, D. Connecticut · 1996