Matrixx Initiatives, Inc. v. Siracusano
| Docket No. | Op. Below | Argument | Opinion | Vote | Author | Term |
|---|---|---|---|---|---|---|
| 09-1156 | 9th Cir. | Jan 10, 2011 | Mar 22, 2011 | 9-0 | Sotomayor | OT 2010 |
Holding: The plaintiffs have stated a claim for securities fraud under § 10(b) of the Securities and Exchange Act and SEC Rule 10b-5 based on a pharmaceutical company's failure to disclose reports of adverse events associated with a product, even if the reports do not disclose a statistically significant number of adverse events.
Plain English Holding: A drug company’s failure to make public reports of adverse drug reactions can constitute securities fraud, even if the number of adverse reactions is not statistically significant.
Judgment: Affirmed., 9-0, in an opinion by Justice Sotomayor on March 22, 2011.
SCOTUSblog Coverage
- Last week at the Court in Plain English (Lisa Tucker, March 28, 2011)
- Opinion analysis: Chalk one up for the Ninth Circuit (Ronald Mann, March 24, 2011)
- Argument Preview: Under SEC Rule 10b-5, must a plaintiff allege that a stock issuer’s omissions were statistically significant? (Adam Schlossman, January 7, 2011)
- UPDATE: Inmate release up for review (Lyle Denniston, June 14, 2010)
Briefs and Documents
Merits Briefs
- Brief for Petitioner Matrixx Initiatives, Inc., et al.
- Brief for Respondent James Siracusano and NECA-IBEW Pension Fund
- Reply Brief for Petitioner Matrixx Initiatives, Inc., et al.
Amicus Briefs
- Brief for the Consumer Healthcare Products Association and the Council for Responsible Nutrition in Support of Petitioner
- Brief for the Securities Industry and Financial Markets Association and the Chamber of Commerce of the United States of America in Support of Petitioner
- Brief for the Product Liability Advisory Council in Support of Petitioner
- Brief for the National Products Association in Support of Petitioner
- Brief for DRI-The Voice of the Defense Bar in Support of Petitioner
- Brief for BayBio in Support of Petitioner
- Brief for Pharmaceutical Research and Manufacturers of America and Biotechnology Industry Organization in Support of Petitioner
- Brief for the Advanced Medical Technology Association in Support of Petitioner
- Brief for the Washington Legal Foundation in Support of Petitioner
- Brief for the United States in Support of Respondent
- Brief for Professors at Law and Business Schools in Support of Respondent
- Brief for Economists Robert E. Litan and Joseph R. Mason in Support of Respondent
- Brief for AARP and the North American Securities Administrators Association, Inc., in Support of Respondent
- Brief for Statistics Experts Professors Dierdre M. McCloskey and Stephen T. Ziliak in Support of Respondent
Certiorari-Stage Documents
- Opinion below (9th Circuit)
- Petition for certiorari (unavailable)
- Brief in opposition (unavailable)
- Petitioners’ reply (unavailable)
