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Supreme Court of the United States Rule 10(b)

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 -
A&O Shearman

Second Circuit Dismisses Rule 10b-5 Claims Based On Pure Omissions Theory Following Remand From The United States Supreme Court

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On August 19, 2024, the United States Court of Appeals for the Second Circuit dismissed, on remand from the United States Supreme Court, putative class action claims brought under Section 10(b) of the Securities Exchange Act...more

Cadwalader, Wickersham & Taft LLP

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

On April 12, 2024, a unanimous U.S. Supreme Court issued an opinion in Macquarie Infrastructure Corp. v. Moab Partners, L.P., vacating a Second Circuit judgment that had reinstated claims under Section 10(b) of the Securities...more

McDermott Will & Emery

Supreme Court: Pure Omissions Cannot Support Rule 10b-5(b) Liability

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On April 12, 2024, the Supreme Court of the United States unanimously held in Macquarie Infrastructure Corp. v. Moab Partners, L.P. that pure omissions are not actionable under Rule 10b-5(b), promulgated by the US Securities...more

Eversheds Sutherland (US) LLP

Supreme Court narrows scope of omissions liability under the Securities Exchange Act

On April 12, 2024, the Supreme Court resolved a circuit split and limited the scope of omissions liability under Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5(b). The decision will limit the scope of...more

Kramer Levin Naftalis & Frankel LLP

Supreme Court Resolves Circuit Split and Holds ‘Pure Omissions’ Outside Reach of Section 10(b) Liability

On April 12, a unanimous Supreme Court held in Macquarie Infrastructure Corp. v. Moab Partners, L.P. that material omissions are actionable under Section 10(b) of the Exchange Act and its enabling SEC Rule 10b-5 only if the...more

Cooley LLP

US Supreme Court: Pure Omissions Not Actionable UnderRule 10b-5(b)

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On April 12, 2024, the US Supreme Court reversed the US Court of Appeals for the Second Circuit’s decision in Macquarie v. Moab Partners and held that a pure omission cannot form the basis of a securities fraud claim under...more

Cooley LLP

US Supreme Court: Pure Omissions Not Actionable Under Rule 10b-5(b)

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On April 12, 2024, the US Supreme Court reversed the US Court of Appeals for the Second Circuit’s decision in Macquarie v. Moab Partners and held that a pure omission cannot form the basis of a securities fraud claim under...more

Akin Gump Strauss Hauer & Feld LLP

SCOTUS Ruling: Pure Omissions Are Not Actionable Under Rule 10b-5

On April 12, 2024, the U.S. Supreme Court issued an important decision in the case of Macquarie Infrastructure Corp. v. Moab Partners, L.P., No. 22-1165. Justice Sotomayor, writing for a unanimous Court, ruled that “pure...more

Vinson & Elkins LLP

SCOTUS Unanimously Resolves Securities Fraud Circuit Split

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On April 12, 2024, the U.S. Supreme Court unanimously held that, in the absence of an otherwise misleading statement, a failure to disclose information required by Item 303 of Regulation S-K (“Item 303”) does not support a...more

Amundsen Davis LLC

U.S. Supreme Court: "Pure" Omissions Are Not Actionable Under Rule 10b-5

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On April 12, 2024, the United States Supreme Court issued a unanimous ruling in Macquarie Infrastructure Corp. et al v. Moab Partners, L.P., et al. which held that omissions, by themselves, are not subject to private rights...more

Goodwin

Supreme Court Rejects Securities Lawsuit Based On “Pure Omission” From SEC Filings

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In a narrow but potentially significant decision, the Supreme Court has held that securities-fraud plaintiffs cannot recover based on a “pure omission” from a company’s public statements under the most common legal basis for...more

A&O Shearman

Supreme Court Unanimously Holds Item 303 Violation, Standing Alone, Cannot Support A “Pure Omission” Claim Under Section 10(b) Of...

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On April 12, 2024, the United States Supreme Court unanimously reversed a decision of the United States Court of Appeals for the Second Circuit which held that Section 10(b) of the Securities Exchange Act of 1934 permitted a...more

Katten Muchin Rosenman LLP

Supreme Court Rejects 'Pure Omissions” Liability Under Rule 10b-5

On April 12, a unanimous Supreme Court held that issuers are not liable under Rule 10b-5(b) for “pure omissions.” The Court’s decision ends a long-standing circuit split and, most importantly for public companies, narrows the...more

Epstein Becker & Green

Supreme Court Underscores Limited Applicability of Rule 10b-5(b) Omissions Claims

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In Macquarie Infrastructure Corp. v. Moab Partners, L.P., No. 22-1165, 601 U.S. ___ (April 12, 2024), the United States Supreme Court held that “pure omissions are not actionable” for securities fraud asserted specifically...more

Paul Hastings LLP

Supreme Court Rules Pure Omissions Not Actionable under Rule 10b-5

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On April 12, 2024, the U.S. Supreme Court issued its decision in Macquarie Infrastructure Corp. v. Moab Partners, L.P., No. 22-1165, 601 U.S. __ (Apr. 12, 2024), in which the Court held that pure omissions are not actionable...more

Skadden, Arps, Slate, Meagher & Flom LLP

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

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

WilmerHale

Supreme Court Limits Scope of Omission Liability Under Section 10(b)

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On April 12, 2024, the U.S. Supreme Court took a significant step to curb securities fraud suits based on alleged omissions in SEC filings. The Supreme Court held in Macquarie Infrastructure Corporation v. Moab Partners, L.P....more

Morgan Lewis

US Supreme Court Holds ‘Pure Omissions’ Not Actionable Under 10(b) of Securities Exchange Act, Resolving Circuit Split

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In a blow to the plaintiffs’ securities bar, the US Supreme Court in Macquarie Infrastructure Corp. v. Moab Partners unanimously held that a “pure omission”—the failure to disclose information in the absence of an inaccurate,...more

Dorsey & Whitney LLP

The Supreme Court Update - April 12, 2024

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The Supreme Court of the United States issued three decisions today: Sheetz v. County of El Dorado, No. 22-1074: This case involves the “unconstitutional conditions doctrine,” set forth in Nollan v. Cal. Coastal Comm’n,...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides Macquarie Infrastructure Corp. v. Moab Partners, L.P.

On April 12, 2024, the United States Supreme Court decided Macquarie Infrastructure Corp. v. Moab Partners, L.P., No. 22-1165, holding that an omission violates Rule 10b-5(b) only if the omission renders other affirmative...more

Stinson LLP

SCOTUS: Pure Omissions Do Not Support Securities Fraud Claims Even If the Omissions Violate SEC Disclosure Requirements

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Last week, the U.S. Supreme Court issued a unanimous decision in Macquarie Infrastructure Corp. et al. v. Moab Partners L.P. et al., holding that an omission to make disclosures required by U.S. Securities and Exchange...more

Dechert LLP

Securities and Derivative Litigation: Quarterly Update - February 2024

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As we close out 2023 and begin the first quarter of 2024, securities and derivative litigation continues to evolve. In this quarterly update, we examine trends in federal securities class action filings, which saw an uptick...more

Carr Maloney P.C.

Supreme Court Evaluates Private Cause of Action for Allegedly Lying by Omission

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On January 16, 2024, the Supreme Court heard oral argument in Case Number 22-1165, Macquarie Infrastructure Corp., et al. v. Moab Partners, L.P., et al. Before the Court was whether a “failure to make a disclosure under...more

Troutman Pepper

SCOTUS to Hear Dispute Over SEC Disclosure Rules

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The U.S. Supreme Court agreed to hear a case this term involving the circuit split over the types of disclosures that private plaintiffs can enforce under Section 10(b) of the Securities Exchange Act of 1934. Section 10(b)...more

Pietragallo Gordon Alfano Bosick & Raspanti,...

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

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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