John C. Coffee Jr. When Do Omissions Create Private Liability? The Supreme Court Ponders
On Jan. 16, 2024, the Supreme Court heard 'MacQuarie Infrastructure Corp. v. Moab Partners L.P.', which will presumably resolve a circuit split. The question before the court is whether the Second Circuit erred in holding "that a failure to make a disclosure required under Item 303 of SEC Regulation S-K can support a private claim under §10(b) of the Exchange Act, even in the absence of an otherwise misleading statement."
January 17, 2024 at 09:48 AM
10 minute read
On Jan. 16, 2024, the Supreme Court heard MacQuarie Infrastructure Corp. v. Moab Partners, L.P., 2023 WL 7928297 (Nov. 13, 2023), and in due course it will presumably resolve the split that now divides the Second Circuit, on one side, and the Third, Ninth and Eleventh Circuits, on the other. The question before the court is whether the Second Circuit erred in holding "that a failure to make a disclosure required under Item 303 of SEC Regulation S-K can support a private claim under §10(b) of the Exchange Act, even in the absence of an otherwise misleading statement."
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