U.S. Supreme Court,
Securities
Jan. 2, 2024
Supreme Court to decide whether silence is golden or fraudulent
The case, Macquarie Infrastructure Corp. v. Moab Partners, L.P., No.-1165, centers upon a company's alleged failure to disclose the business-related information required by the Management and Discussion Analysis of Securities and Exchange Commission (SEC) Regulation S-K.
Jared L. Kopel
Senior Counsel
Alto Litigation PC
Email: jared@altolit.com
Alto Litigation PC, a San Francisco litigation firm specializing in securities, intellectual property and commercial litigation. Mr. Kopel's practice includes shareholder litigation and the defense of Government investigations.
The old adage advises that silence is golden. But the Supreme Court will soon decide whether silence by a public company can serve as a basis for fraud allegations in a private securities action. The decision will resolve a conflict among the Circuit Courts of Appeal and potentially clarify the distinction between a “pure” omission of fact and an omission that transforms an actual statement into a fraudulent “half-truth.”
The case,
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