Editor's Note :

Editor's Note :

There is a possibility of opinions on Tuesday, April 25. We will begin live-blogging at this link at 9:45 a.m.
On Tuesday the court hears oral argument in Bristol-Myers Squibb Co. v. Superior Court of California, San Francisco County. Ronald Mann has our preview.
On Tuesday the court also hears oral argument in BNSF Railway Co. v. Tyrrell. Amy Howe has our preview.

Matrixx Initiatives, Inc. v. Siracusano

Docket No. Op. Below Argument Opinion Vote Author Term
09-1156 9th Cir. Jan 10, 2011
Tr.Aud.
Mar 22, 2011 9-0 Sotomayor OT 2010

Holding: The plaintiffs have stated a claim for securities fraud under § 10(b) of the Securities and Exchange Act and SEC Rule 10b-5 based on a pharmaceutical company's failure to disclose reports of adverse events associated with a product, even if the reports do not disclose a statistically significant number of adverse events.

Plain English Holding: A drug company’s failure to make public reports of adverse drug reactions can constitute securities fraud, even if the number of adverse reactions is not statistically significant.

Judgment: Affirmed., 9-0, in an opinion by Justice Sotomayor on March 22, 2011.

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Certiorari-Stage Documents

  • Opinion below (9th Circuit)
  • Petition for certiorari (unavailable)
  • Brief in opposition (unavailable)
  • Petitioners’ reply (unavailable)
 
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