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The Commission filed its amicus curiae brief in Matrixx
Initiatives, Inc. v. Siracusano , No. 09-1156 (S.Ct.), one of two securities
cases the Supreme Court will hear this term. Matrixx centers on the
proper test of materiality at the pleading stage...
In a unanimous March 22, 2011 opinion by Justice Sonia Sotomayor , the
U.S. Supreme Court rejected the argument of Matrixx Initiatives that adverse
product reports must be "statistically significant" in order for a
manufacturer to have an...
Plaintiff attorney James M.
Wilson, Jr. discusses the Supreme Court unanimous rejection of a
pharmaceutical company's attempt to inject a bright line test to determine what
"material" information is required to be disclosed to shareholders...
PHOENIX - (Mealey's)
Matrixx Initiatives Inc. will pay $4.5 million to settle claims with
shareholders that it violated federal securities law by concealing side effects
of a cold medication it developed and marketed, according to documents filed...
On March 22, 2011, the United States Supreme Court, in a
unanimous decision written by Justice Sonia Sotomayor, stated that the
"materiality" element of a claim for securities fraud under Section 10(b) of
the Securities Exchange Act of 1934...
Introduction: On June 6, 2011, the Supreme Court unanimously
rejected the Fifth Circuit Court of Appeal's requirement that plaintiffs in
securities class actions prove "loss causation" at the class
certification stage of the case...