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Supreme Court Rejects Bright Line Test of Statistical Significance for Materiality in Securities Claims

March 23, 2011

By The Securities Litigation and Enforcement Practice

On March 22, 2011, the Supreme Court of the United States issued a decision in the matter of Matrixx Initiatives, Inc., et al. v. Siracusano, et al., No. 09-1156. The unanimous decision, written by Justice Sotomayor, rejected a bright line test of statistical significance to determine when information must be disclosed to investors under the securities laws.

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