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ARTICLE · 15 JUNE 2010

Supreme Court Docket Report - June 14, 2010

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Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 provide that a business may be held liable for failure to disclose any material fact in connection with the purchase or sale of its securities.

United StatesLitigation, Mediation & Arbitration
Andrew Tauber
Andrew Tauber
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Originally published June 14, 2010

Keywords: Securities Exchange Act, materiality, material fact, Matrixx Initiatives, Siracusano, Zicam, Railroad Revitalization, Regulatory Reform Act, State Taxation

Today the Supreme Court granted certiorari in two cases of interest to the business community:

  • Securities Exchange Act—Materiality
  • Railroad Revitalization and Regulatory Reform Act—Discriminatory State Taxation

Securities Exchange Act—Materiality

Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 provide that a business may be held liable for failure to disclose any material fact in connection with the purchase or sale of its securities. For pharmaceutical companies, these facts may include so-called "adverse event reports" that are received when the users of a drug experience adverse side-effects. The Supreme Court granted certiorari today in Matrixx Initiatives, Inc. v. Siracusano, No. 09-1156, to determine whether a drug company

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