The Supreme Court declined to loosen the standard for proving securities fraud, ruling Tuesday that investors must show a clear link between the alleged fraud and a drop in stock price to proceed with their lawsuits.

In a unanimous decision, justices sided with Dura Pharmaceuticals Inc., which was sued for fraud following its November 1998 disclosure that its asthma drug dispenser didn’t receive federal approval as expected. As a result, investors suing major corporations such as Enron Corp. could have a tougher case in court.