Matrixx Initiatives, Inc. v. Siracusano (2010)
- Docket
- 09-1156
- Decided
- 2010-01-01
Summary
Question: Can a plaintiff state a claim under the Securities Exchange Act based on a pharmaceutical company's non-disclosure of adverse event reports even though the reports are not alleged to be statistically significant? Conclusion: Yes. The Supreme Court affirmed the lower court decision in an opinion by Justice Sonia Sotomayor. The court ruled that the materiality of a pharmaceutical company's non-disclosure of adverse event reports in a securities fraud action does not depend upon whether there is a statistically significant health risk.