ZWIĄZEK PRZYCZYNOWY JAKO PRZESŁANKA ODPOWIEDZIALNOŚCI SPÓŁKI PUBLICZNEJ ZA NARUSZENIE OBOWIĄZKÓW INFORMACYJNYCH

Abstract

The paper analyzes the problem of causation in cases for damages connected with false or misleading statements in the reports o f public corporations - in this context causation is not only a condition for a responsibility but also a factor influencing the amount of damages. The scope of the paper is limited to the reporting requirements o f issuers o f shares in the part of capital market defined as “the regulated market”; the reporting requirements encapsulate here not only the continuous disclosure obligations of public corporations but also a duty to publish a prospectus in connection with an issuance of shares. The aim o f the paper was to answer two questions: (1) under which conditions can the court establish “a normal causation relationship” between a false or misleading statement in the report and the mistaken investment decision of the market participant; (2) which losses incurred by an investor result from normal consequences o f a mistaken investment decision made on the basis of a false or misleading statement.