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Apollo Group, Inc. v. Policemen’s Annuity and Benefit Fund of Chicago

Petition for certiorari denied on March 7, 2011
Docket No. Op. Below Argument Opinion Vote Author Term
10-649 9th Cir. N/A N/A N/A N/A OT 2010

Issue: 1) Whether a plaintiff, invoking the efficient market theory to avoid having to prove reliance on a misrepresented stock price that caused him loss, is barred from trying to prove loss causation based on a decline in price that happened weeks or months after a corrective disclosure, rather than immediately after the disclosure; and 2) whether a plaintiff may treat an analyst's report that synthesizes and comments on already-public information as a fraud-revealing corrective disclosure that suffices to prove loss causation.

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