News & Analysis as of

False Statements Securities Fraud Supreme Court of the United States

Cadwalader, Wickersham & Taft LLP

Supreme Court Excludes “Misleading” Statements from False Statement Liability in Thompson v. U.S.

In a unanimous decision issued on March 21, 2025, the Supreme Court in Thompson v. U.S. heightened the burden of proof for “false” statements under 18 U.S.C. § 1014, excluding “misleading” but true statements from liability...more

Carr Maloney P.C.

Supreme Court Declines to Consider New Pleading Standard for Securities Fraud Claims

Carr Maloney P.C. on

On December 11, 2024, the Supreme Court dismissed NVIDIA Corporation’s appeal, allowing a class action securities fraud case to move forward towards trial. The Plaintiffs originally brought the case in the United States...more

Husch Blackwell LLP

Supreme Court Holds Pure "Omissions" in MD&A Disclosure Cannot Support Liability Under Rule 10b-5

Husch Blackwell LLP on

On April 12, 2024, the U.S. Supreme Court held in Macquarie Infrastructure Corp. v. Moab Partners, L.P., in a unanimous opinion authored by Justice Sonia Sotomayor, that “pure omissions” made in required disclosures do not...more

Bass, Berry & Sims PLC

U.S. Supreme Court Unanimously Holds Pure Omissions in Item 303 Disclosures Not Actionable under Private Securities Laws

Bass, Berry & Sims PLC on

The U.S. Supreme Court has unanimously ruled that pure silence in MD&A statements are not actionable in shareholder securities fraud cases.  The case is important for issuers and shareholders alike for several reasons: -...more

BakerHostetler

The U.S. Supreme Court Resolves Circuit Split, Holds That Pure Omissions Are Not Actionable in Securities Fraud Cases

BakerHostetler on

SEC Rule 10b-5(b) makes it unlawful for issuers to make false statements or “to omit to state a material fact necessary in order to make the statements made...not misleading.” In addition to ensuring the truth of statements,...more

Mintz - Securities Litigation Viewpoints

Second Circuit Clarifies the Circumstances in Which Presumptions Can Be Used To Support Federal Securities Fraud Class Action...

On August 10, 2023, the U.S. Court of Appeals for the Second Circuit took an important step in Arkansas Teacher Retirement System v. Goldman Sachs Group toward clarifying the circumstances in which federal class action...more

Skadden, Arps, Slate, Meagher & Flom LLP

The Supreme Court’s Business Docket for the October 2018 Term

On September 26, 2018, Skadden hosted a webinar titled “US Supreme Court October 2018 Term.” Topics included some of the key business-related cases on the Supreme Court’s docket, including cases addressing antitrust, foreign...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators - September 2018

This quarter’s issue includes summaries and associated court opinions of selected cases principally decided between May 2018 and August 2018.... US Supreme Court - Supreme Court Holds That SEC Administrative Law Judges...more

Moore & Van Allen PLLC

Trump Supreme Court Pick, Brett Kavanaugh, Could Play Role In Reshaping Major Securities Fraud Enforcement Tool

No one doubts that Judge Brett Kavanaugh, President Trump’s pick for the Supreme Court, would have an impact on the court’s jurisprudence if confirmed. For financial services and publicly-traded companies, as well as those...more

CMCP - California Minority Counsel Program

OMNICARE and its Implications

In the spring of this year, the Supreme Court issued its long-awaited decision in Omnicare, Inc. v. Laborers District Council Construction Industry Pension Fund, 135 S.Ct. 1318 (2015), resolving a circuit split regarding the...more

Skadden, Arps, Slate, Meagher & Flom LLP

"Supreme Court Holds Securities Fraud Plaintiffs Are Not Required to Prove Materiality of Allegedly False Statements to Certify a...

Today, in a 6-3 decision, the Supreme Court of the United States held in Amgen Inc. v. Connecticut Retirement Plans and Trust Funds that a securities fraud plaintiff alleging fraud on the market need not establish the...more

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