Blue Chip Stamps v. Manor Drug Stores
Citation
421 U.S. 723 (1975)
Facts
Stub — to be completed.
Issue
Stub — to be completed.
Holding
Stub — to be completed.
Rule
Only actual purchasers or sellers of securities have standing to bring a private damages action under Rule 10b-5 (the Birnbaum rule).
Significance
Confirmed and extended the Birnbaum rule limiting Rule 10b-5 standing to those who actually traded.