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Supreme Court Hears Oral Argument in Securities Class Action on Materiality of Adverse Events
Practices
People
January 12, 2011
The Supreme Court Monday heard oral argument in a putative securities class action involving the manufacturer of a cold remedy. The case presents the question of whether a company's non-disclosure of adverse event reports that are not statistically significant can subject it to liability under § 10(b) of the Securities Exchange Act and SEC Rule 10b-5. It has potentially far-reaching implications for pharmaceutical companies' duty to disclose reports of adverse events to investors and has attracted significant attention from stakeholders in government, the pharmaceutical and biotechnology industries, and the investment community.