A little over two years ago, the U.S. Supreme Court decided Stoneridge Investment Partners, LLC v. Scientific-Atlanta Inc., 552 U.S. 148 (2008). Since then, Stoneridge, building upon Central Bank,1 has established the standard for addressing liability for defendants who did not issue the public statements at issue in civil cases brought by private parties under §10(b) of the Securities Exchange Act of 1934 (Exchange Act) and SEC Rule 10b-5. In analyzing such liability, courts have focused on whether the plaintiffs could have relied on the actions of the non-issuer defendant.
This article examines a few of the key cases following Stoneridge.
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