Arizona Revised Statutes Title 44. Trade and Commerce § 44-2085. Limitation on damages; definition

A. Except as provided in subsection B of this section, in any private action arising under § 44-1991 or 44-1992 in which the plaintiff seeks to establish damages by reference to the market price of a security, the award of damages to the plaintiff shall not exceed the difference between the purchase or sale price paid or received, as appropriate, by the plaintiff for the security and the mean trading price of that security during the ninety days beginning on the date on which the information correcting the misstatement or omission that is the basis for the action is disseminated to the market.

B. In any private action arising under § 44-1991 or 44-1992 in which the plaintiff seeks to establish damages by reference to the market price of a security, if the plaintiff sells or repurchases the security before the expiration of the ninety day period prescribed in subsection A of this section, the plaintiff's damages shall not exceed the difference between the purchase or sale price paid or received by the plaintiff for the security and the mean trading price of the security during the period beginning immediately after dissemination of information correcting the misstatement or omission and ending on the date on which the plaintiff sells or repurchases the security.

C. This section shall not apply to damages caused by a violation of § 44-1841 or 44-1842.

D. For purposes of this section, “mean trading price of the security” means an average of the daily trading price of that security, determined as of the close of the market each day during the relevant period.