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On March 22, 2011, the U.S. Supreme Court decided Matrixx Initiatives, Inc. v. Siracusano, No. 09-1156, holding that a plaintiff may state a claim against a pharmaceutical company for securities fraud under 10(b) of the Securities Exchange Act of 1934, 48 Stat. 891, as amended, 15 U. S. C. 78j(b), and Securities and Exchange Commission (SEC) Rule 10b5, 17 CFR 240.10b5 (2010), based on the 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
