Apollo Group, Inc. v. Policemen’s Annuity and Benefit Fund of Chicago

Issue: 1) Whether a plaintiff, invoking the efficient market theory to avoid having to prove reliance on a misrepresented stock price that caused him loss, is barred from trying to prove loss causation based on a decline in price that happened weeks or months after a corrective disclosure, rather than immediately after the disclosure; and 2) whether a plaintiff may treat an analyst's report that synthesizes and comments on already-public information as a fraud-revealing corrective disclosure that suffices to prove loss causation.

Briefs and Documents

Certiorari-stage documents

• Opinion below (9th Circuit)
• Petition for certiorari
• Brief in opposition
• Petitioners' reply
• Amicus brief of former SEC Commissioners et al.
• Amicus brief of the Association of Private Sector Colleges and Universities
• Amicus brief of the National Association of Manufacturers