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Supreme Court rejects statistical significance as bright-line rule for materiality

  • Katten Muchin Rosenman LLP
  • -
  • USA
  • -
  • March 25 2011

The U.S. Supreme Court found that allegations of "statistical significance" were not a requirement for pleading materiality in a securities fraud action arising from a pharmaceutical company's alleged failure to disclose reports linking its cold remedy with loss of smell