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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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