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ARTICLE · 07 JUNE 2011

Supreme Court Decision Alert - June 6, 2011

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SEC Rule 10b-5, which implements Section 10(b) of the Securities and Exchange Act of 1934, makes it unlawful for any person, in connection with the purchase or sale of a security, "[t]o make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading." 17 C.F.R. § 240.10b-5(b).

United StatesLitigation, Mediation & Arbitration
Andrew Tauber
Andrew Tauber
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Originally published June 6, 2011

Keywords: Securities Exchange Act, class certification, loss causation, Bayh-Dole Act, patent rights

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

Securities Exchange Act of 1934—Class Certification—Loss Causation

Erica P. John Fund, Inc. v. Halliburton Co., No. 09-1403 (previously discussed in the January 10, 2011 Docket Report)

SEC Rule 10b-5, which implements Section 10(b) of the Securities and Exchange Act of 1934, makes it unlawful for any person, in connection with the purchase or sale of a security, "[t]o make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading." 17 C.F.R. § 240.10b-5(b). A private right of action to enforce Rule 10b-5 has been judicially inferred. The elements of the claim include (1) the

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