|Docket No.||Op. Below||Argument||Opinion||Vote||Author||Term|
|09-1156||9th Cir.||Jan 10, 2011||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 companyâ€™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.