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ARTICLE · 28 MARCH 2011

Court Decision Alert - March 22, 2011

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Matrixx Initiatives, Inc. v. Siracusano, No. 09-1156 (previously discussed in the June 14, 2010 Docket Report).

United StatesLitigation, Mediation & Arbitration
Andrew Tauber
Andrew Tauber
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Originally published March 22, 2011

Keywords: Securities Exchange Act, materiality, Fair Labor Standards Act, oral complaints

Today the Supreme Court issued two decisions, described below, of interest to the business community.

  • Securities Exchange Act—Materiality
  • Fair Labor Standards Act—Retaliation—Oral Complaints

Securities Exchange Act—Materiality

Matrixx Initiatives, Inc. v. Siracusano, No. 09-1156 (previously discussed in the June 14, 2010 Docket Report).

Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 provide that a business may be held liable for failing to disclose a material fact when disclosure is necessary to make statements regarding the purchase or sale of securities not misleading. Today, the Court issued a unanimous decision in Matrixx Initiatives, Inc. v. Siracusano, No. 09-1156, reaffirming that a particular fact is material "'when there is a substantial likelihood that the disclosure of the omitted fact

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