Sarah S. Gold

Supreme Court Narrowly Defines Those Who “Make” Actionable Statements under Rule 10b-5
Sarah S. Gold,Gregg M. Mashberg,Richard L. Spinogatti, June 16, 2011
In Janus Capital Group, Inc. et al. v. First Derivative Traders, 564 U.S. (2011), a divided Supreme Court has limited Rule 10b-5 liability solely to “the maker” of a statement, that is, “the person or entity with ultimate authority over the statement, including its content and...

Supreme Court Holds Proof of Loss Causation Not Required for Class Certification - But Challenges Remain to the Presumption of Reliance
Sarah S. Gold,Gregg M. Mashberg,Richard L. Spinogatti, June 10, 2011
In Erica P. John Fund, Inc. v. Halliburton Co., 563 U.S. (2011) (“Halliburton”), the Supreme Court held that proof of loss causation was not required to obtain class certification, unanimously reversing the Fifth Circuit, which had established a contrary rule in Oscar Private Equity...

Supreme Court Rejects Bright Lines Materiality Test For Federal Securities Law Claims
Karen E. Clarke,Sarah S. Gold,Richard L. Spinogatti, March 30, 2011
Relying heavily upon its prior decisions in TSC Industries, Inc. v. Northway, Inc., 426 U.S. 438 (1976), and Basic Inc. v. Levinson, 485 U.S. 224 (1988), the Supreme Court rejected arguments by a drug manufacturer for adoption of a bright-line standard for assessing materiality based upon the...