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Supreme Court of the United States › Misleading Statements

The United States Supreme Court is the highest court of the United States and is charged with interpreting federal law, including the United States Constitution. The Court's docket is largely discretionary... more +
The United States Supreme Court is the highest court of the United States and is charged with interpreting federal law, including the United States Constitution. The Court's docket is largely discretionary with only a limited number of cases granted review each term.  The Court is comprised of one chief justice and eight associate justices, who are nominated by the President and confirmed by the Senate to hold lifetime positions. less -
Pillsbury Winthrop Shaw Pittman LLP

Is the Federal Circuit Breathing Life Back Into False Patent Marking Claims?

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The Federal Circuit determined that if a company misleads consumers about the nature of a product by making false patent marking claims, it can be held liable under the Lanham Act. False marking claims under the Lanham Act...more

Epstein Becker & Green

Two Down, 12 to Go, and Two More Decision Days This Week - SCOTUS Today

Epstein Becker & Green on

The Supreme Court started yesterday with 14 decisions yet to deliver and only reduced the number by two—neither of them the Trump immunity case nor the Loper case concerning the future of the agency deference doctrine of...more

Husch Blackwell LLP

Supreme Court Holds Pure "Omissions" in MD&A Disclosure Cannot Support Liability Under Rule 10b-5

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On April 12, 2024, the U.S. Supreme Court held in Macquarie Infrastructure Corp. v. Moab Partners, L.P., in a unanimous opinion authored by Justice Sonia Sotomayor, that “pure omissions” made in required disclosures do not...more

Jones Day

U.S. Supreme Court Bars Liability for "Pure Omissions" Under Section 10(b) of Securities Exchange Act

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The United States Supreme Court in Macquarie Infrastructure Corp. v. Moab Partners, L.P., No. 22-1165, ruled that a corporation is not liable under Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 for...more

Pillsbury Winthrop Shaw Pittman LLP

Supreme Court Unanimously Rules “Pure Omissions” Not Actionable under SEC Rule 10b-5 Even If Disclosure Required by Item 303 of...

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A company cannot be sued by private parties under Rule 10b-5(b) for a “pure omission” but can be liable for omissions that render other statements misleading. “Pure omissions” cannot be attacked in private 10b-5(b)...more

Foley & Lardner LLP

U.S. Supreme Court Rules That “Pure Omissions” Are Not Actionable Under Rule 10b-5

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On April 12, 2024, the United States Supreme Court delivered an important decision on the issue of whether a failure to make disclosure required under Item 303 of Regulation S-K can support a Rule 10b-5 claim, even in the...more

Cadwalader, Wickersham & Taft LLP

Securities Litigation Alert: “Half-Truths,” Not “Pure Omissions”: Supreme Court Limits Section 10(b) Claims Based on Item 303...

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On April 12, 2024, a unanimous U.S. Supreme Court issued an opinion in Macquarie Infrastructure Corp. v. Moab Partners, L. P., vacating a judgment of the U.S. Court of Appeals for the Second Circuit that had reinstated claims...more

Akerman LLP

Supreme Court Holds That Pure Omissions Do Not Support Section 10(b) Claims in Macquarie Infrastructure Corp. v. Moab Partners,...

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On April 12, 2024, the U.S. Supreme Court limited an issuer's liability for securities fraud claims based on alleged omissions in SEC filings. The Court's unanimous decision in Macquarie Infrastructure Corp. et al v. Moab...more

Bass, Berry & Sims PLC

U.S. Supreme Court Unanimously Holds Pure Omissions in Item 303 Disclosures Not Actionable under Private Securities Laws

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The U.S. Supreme Court has unanimously ruled that pure silence in MD&A statements are not actionable in shareholder securities fraud cases.  The case is important for issuers and shareholders alike for several reasons: -...more

BCLP

The Supreme Court Rejects “Pure Omissions” Liability under Section 10(b)

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The U.S. Supreme Court has now resolved the split in lower courts, discussed in our March 14, 2024 post, over whether plaintiffs may bring a securities fraud claim based solely on a corporation’s omission from public filings...more

BakerHostetler

The U.S. Supreme Court Resolves Circuit Split, Holds That Pure Omissions Are Not Actionable in Securities Fraud Cases

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SEC Rule 10b-5(b) makes it unlawful for issuers to make false statements or “to omit to state a material fact necessary in order to make the statements made...not misleading.” In addition to ensuring the truth of statements,...more

Proskauer - Corporate Defense and Disputes

Supreme Court Holds That Securities Fraud Statute Does Not Proscribe Pure Omissions

Proskauer - Corporate Defense and Disputes on

The U.S. Supreme Court recently held that the anti-fraud provision of the Securities Exchange Act does not prohibit “pure omissions,” but only false statements or misleading half-truths. The unanimous decision in Macquarie...more

Skadden, Arps, Slate, Meagher & Flom LLP

Supreme Court Holds Item 303 Omissions Are Not Actionable Under Section 10(b) of Exchange Act

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On April 12, 2024, the Supreme Court unanimously reversed and vacated the Second Circuit’s decision in Macquarie Infrastructure Corporation v. Moab Partners, L.P. Justice Sonia Sotomayor delivered the opinion for the Court....more

ArentFox Schiff

The Last Dance? The Future of the “Rogers Test” After the Jack Daniel’s Decision

ArentFox Schiff on

After enjoying several decades of acceptance across many circuit courts, the future of the so-called “Rogers test” is uncertain. Established in the landmark Second Circuit case Rogers v. Grimaldi, Rogers is a two-step test...more

ArentFox Schiff

ESG Litigation Update: Hawaii Supreme Court Allows Petroleum Industry Climate Case to Proceed

ArentFox Schiff on

A recent Supreme Court of the State of Hawaii decision permitted climate-related claims against major petroleum and gas companies to proceed toward trial. The decision in City and County of Honolulu v. Sunoco LP allows...more

Robinson+Cole Data Privacy + Security Insider

Supreme Court to Decide Federal Government’s Ability to Engage with Social Media Companies in Content Moderation

Robinson+Cole Data Privacy + Security Insider on

After previously finding that the Biden White House and the FBI likely violated First Amendment free speech protections for some users of online social media platforms, the Fifth Circuit expanded its ruling to find that the...more

Morrison & Foerster LLP

SCOTUS to Resolve Circuit Split on 10(b) Claims Based on Violations of Item 303

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Securities lawyers are familiar with Item 303 of Regulation S-K, which calls for companies to disclose in the Management Discussion and Analysis (“MD&A”) section of an annual report “known trends or uncertainties that have...more

Mintz - Securities Litigation Viewpoints

Second Circuit Clarifies the Circumstances in Which Presumptions Can Be Used To Support Federal Securities Fraud Class Action...

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On August 10, 2023, the U.S. Court of Appeals for the Second Circuit took an important step in Arkansas Teacher Retirement System v. Goldman Sachs Group toward clarifying the circumstances in which federal class action...more

Mintz - Securities Litigation Viewpoints

The Supreme Court Solidifies the Securities Act’s Tracing Requirement For Section 11 Plaintiffs

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Last week, the U.S. Supreme Court solidified the “tracing” requirement for private plaintiffs to be able to assert Section 11 claims pursuant to the Securities Act of 1933, holding that plaintiffs asserting such securities...more

Latham & Watkins LLP

Supreme Court Slack Decision Confirms Narrow Interpretation of Section 11 Claims

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The unanimous opinion requires shareholder plaintiffs to plead and prove that they purchased shares traceable to an allegedly false or misleading registration statement. On June 1, 2023, the US Supreme Court issued its...more

Morrison & Foerster LLP

Slack SCOTUS Decision

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The Supreme Court has just given companies looking to go public another reason to do it through direct listings. The federal securities laws impose strict liability for misleading statements made in connection with...more

Skadden, Arps, Slate, Meagher & Flom LLP

Inside the Courts – An Update From Skadden Securities Litigators - May 2023

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Supreme Court Hears Argument on Traceability Requirement in Circuit-Split Slack v. Pirani - Key Points - - Before the end of June, the U.S. Supreme Court is expected to issue a decision in a high-profile securities case...more

Hinch Newman LLP

Roundup of FTC Consumer Protection Matters of Interest to Digital Advertisers: April 2023

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In April 2023, the Federal Trade Commission announced a number of consumer protection actions and inquiries involving an important U.S. Supreme Court Ruling regarding the ability of defendants in FTC and SEC actions to raise...more

Hinch Newman LLP

Another U.S. Supreme Court Ruling Erodes Traditional FTC Enforcement Authority Amounting to a Win for Digital Advertisers

Hinch Newman LLP on

On April 14, 2023, the U.S. Supreme Court afforded defendants the ability to directly challenge the structural constitutionality and existence of the Federal Trade Commission (and the Securities and Exchange Commission) in...more

Pietragallo Gordon Alfano Bosick & Raspanti,...

What Constitutes a Misleading Statement in a Company’s Response to a Data Breach?

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Takeaway: To ensure investor safety and emphasize a commitment to user privacy, corporate executives and similarly-situated high ranking officers must not provide any statements or omissions that affirmatively create a...more

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