(Download) "Gohler v. Wood" by Supreme Court Of Utah # Book PDF Kindle ePub Free
eBook details
- Title: Gohler v. Wood
- Author : Supreme Court Of Utah
- Release Date : January 05, 1996
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 56 KB
Description
This case is before the court on certification from the United States District Court for the District of Utah pursuant to rule 41 of the Utah Rules of Appellate Procedure. The district court's certification order presents the following two issues of state law for our determination: (i) whether reliance upon an alleged untrue statement or misleading omission is an essential element of a private cause of action under sections 61-1-1(2) and -22 of the Utah Code, the antifraud provisions of the Utah Uniform Securities Act (""Utah Act""); and (ii) if reliance is an element, whether proving ""fraud-on-the-market"" satisfies that requirement. 1 We hold that these antifraud provisions do not require proof of reliance, and therefore, we need not decide whether such a requirement could be satisfied by proof of ""fraud-on-the-market."" The relevant facts, which we have extracted from the district court's certification order, are as follows: Plaintiffs filed a class action complaint in federal district court against various defendants. Plaintiffs alleged that they had purchased common shares and convertible subordinated debentures in the now bankrupt Bonneville Pacific Corporation (""Bonneville""), that defendants intended to promote the myth that Bonneville was a company of sound financial condition by engaging in a series of sham transactions and issuing misleading press releases, financial records, and public-offering documents, and that defendants' misrepresentations violated sections 61-1-1(2) and -22 of the Utah Act.