The Supreme Court Rejects Bright-Line Rule on Disclosure of Adverse Event Reports
The Supreme Court issued its decision today in Matrixx Initiatives, Inc. v. Siracusano, No. 09-1156, rejecting the issuer’s proposed bright-line rule that adverse event reports could not be considered material unless they are statistically significant and holding that the plaintiffs stated a valid securities fraud claim. The Court reaffirmed its “total mix” of information standard.