Securities
Mar. 24, 2011
High Court Greenlights Suit Against Pharma
The U.S. Supreme Court unanimously allowed a securities fraud class-action suit against the drug maker Matrixx Initiatives Inc. to proceed Tuesday, affirming the 9th U.S. Circuit Court of Appeals.
Daily Journal Staff Writers
WASHINGTON - In a ruling Tuesday that fails to give public companies clear guidelines for disclosing information to shareholders, the U.S. Supreme Court unanimously allowed a securities fraud class-action suit against the drug maker Matrixx Initiatives Inc. to proceed.
The court rejected the establishment of a categorical test for disclosure, instead embracing a "total mix&q...
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