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Supreme Court Rejects Bright-Line Test for Determining Materiality in Securities Fraud Cases by Lane Powell PC - Seattle Office
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April 27, 2011
Previously published on April 21, 2011
On March 22, 2011, the Supreme Court issued a unanimous opinion in Matrixx Initiatives v. Siracusano, that reaffirmed its long-standing test for determining materiality with respect to securities fraud claims under Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, and rejected a “bright-line” materiality rule based on whether or not there was a “statistically significant number” of adverse events.
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