“A share of a stock that has regained its value after a period of decline is not functionally equivalent to an inflated share that has never lost value,” U.S. Circuit Judge Chester Straub wrote for the three-judge panel. If I remember correctly, the first court agreed with NEP that since the plaintiff was later able to sell at a profit, then no loss had occurred. I was flabbergasted at this poor logic. If the management's actions or negligence reduced the value of the company to less than WHAT IT WOULD HAVE BEEN, then it seems to me that a loss has occurred.