Forum
U.S. Supreme Court
Case Status
Pending
Docket Number
Lower Court Opinion
Questions Presented
Whether the materiality requirement for securities fraud liability is satisfied per se by an auditor’s statement of compliance with professional standards (as the Second Circuit held below), or whether materiality in this context requires a fact-specific analysis focused on the link between the allegedly false compliance statement and actual misstatements of financial information (as the Sixth Circuit has held).
Case Updates
U.S. Chamber files amicus brief urging Supreme Court to review Second Circuit decision holding that an auditor’s alleged misstatement of compliance with PCAOB auditing standards was material under Section 10(b) and Rule 10b-5, even though nothing substantive about the audit changed once the standards were followed
June 09, 2025
Elaine J. Goldenberg and Andra Lim of Munger, Tolles & Olson LLP served as outside counsel.