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Basic, Inc. Vs. Levinson
Cites for this judgment
- US Supreme Court
- Mar 07, 1988
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U.S. 224 (1988) U.S. Supreme Court Basic, Inc. v. LevinsonSearch
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U.S. 224 (1988) Basic, Inc. v. LevinsonSearch
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The standard set forth in TSC Industries, Inc. v. NorthwaySearch
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Id. at 746, quoting SEC v. TexasSearch
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Gulf Sulphur Co., 401 F.2d 833, 862 (CA2 1968) (en banc), cert. denied sub nom. Coates v. SECSearch
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U. S. 462 , 430 U. S. 477 -478 (1977), quoting SEC v. CapitalSearch
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Rule 10b-5, and constitutes an essential tool for enforcement of the 1934 Act's requirements. See, e.g., Ernst & Ernst v. HochfelderSearch
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Blue Chip Stamps v. ManorSearch
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b) or of Rule 10b-5. See, e.g., Santa Fe Industries, Inc. v. GreenSearch
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Chiarella v. UnitedSearch
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Ernst & Ernst v. HochfelderSearch
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supra, (scienter). See also Carpenter v. UnitedSearch
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The Court also explicitly has defined a standard of materiality under the securities laws, see TSC Industries, Inc. v. NorthwaySearch
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as to the price and structure of the transaction has been reached between the would-be merger partners. See Greenfield v. HeubleinSearch
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tentative, disclosure of their existence itself could mislead investors and foster false optimism. See Greenfield v. HeubleinSearch
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Reiss v. PanSearch
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and the test also provides a usable, bright-line rule for determining when disclosure must be made. See Greenfield v. HeubleinSearch
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Flamm Page 485 U. S. 234 v. EberstadtSearch
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Flamm v. EberstadtSearch
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SEC v. CapitalSearch
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Gains Research Bureau, Inc., 375 U.S. at 375 U. S. 186 . Accord, Affiliated Ute Citizens v. UnitedSearch
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of factors to consider in making his investment decision. TSC Industries, Inc. v. NorthwaySearch
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SEC v. TexasSearch
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SEC v. GeonSearch
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Peil v. SpeiserSearch
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b). We agree that reliance is an element of a Rule 10b-5 cause of action. See Ernst & Ernst v. HochfelderSearch
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the requisite causal connection between a defendant's misrepresentation and a plaintiff's injury. See, e.g., Wilson v. ComtechSearch
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List v. FashionSearch
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Park, Inc., 340 F.2d 457, 462 (CA2), cert. denied sub nom. List v. LernerSearch
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between the plaintiffs' injury and the defendant's wrongful conduct had been established. See Affiliated Ute Citizens v. UnitedSearch
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rather than the defect in the solicitation materials, served as an essential link in the transaction. See Mills v. ElectricSearch
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In re LTV Securities Litigation, 88 F.R.D. 134, 143 (ND Tex.1980). Accord, e.g., Peil v. SpeiserSearch
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Blackie Page 485 U. S. 245 v. BarrackSearch
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i.e., how he would have acted if omitted material information had been disclosed, see Affiliated Ute Citizens v. UnitedSearch
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States, 406 U.S. at 406 U. S. 153 -154, or if the misrepresentation had not been made, see Sharp v. CoopersSearch
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unrealistic evidentiary burden on the Rule 10b-5 plaintiff who has traded on an impersonal market. Cf. Mills v. ElectricSearch
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H.R.Rep. No. 1383, at 11. See Lipton v. DocumationSearch
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Schlanger v. Four-PhaseSearch
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b) and Rule 10b-5 context, the standard of materiality set forth in TSC Industries, Inc. v. NorthwaySearch
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Brief for SEC as Amicus Curiae 8, n. 4. See also McGrath v. ZenithSearch
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Radio Corp., 651 F.2d 458, 466, n. 4 (CA7), cert. denied, 454 U.S. 835 (1981), and Goldberg v. MeridorSearch
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See Staffin v. GreenbergSearch
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Greenfield v. HeubleinSearch
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a claim that defendant was under an obligation to disclose various events related to merger negotiations. Reiss v. PanSearch
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U.S. Supreme Court Basic, Inc. v. LevinsonSearch
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TSC Industries, Inc. v. NorthwaySearch
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Coates v. SECSearch
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Carpenter v. UnitedSearch
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