U.S. Supreme Court

Case Status


Docket Number


Cert. Denied


Questions Presented

1. Whether disputed public allegations about an issuer or its business, without any additional corroborating disclosure or event, reveal to an efficient market the “truth” for purposes of establishing loss causation under Dura (as held by the Sixth and Ninth Circuits, in direct conflict with the Eleventh Circuit).

2. Whether allowing a plaintiff to show that a disclosure or event revealed the “truth” about the issuer or its business by pointing to the magnitude of the decline in the price of the issuer’s stock conflicts with Dura and misapplies Basic.

3. Whether the Court should overrule Basic to the extent it recognizes the ECMH, as that economic theory sows confusion in the lower courts with respect to the proper analysis of loss causation.

Case Updates

Cert. petition denied

October 04, 2021

U.S. Chamber files coalition amicus brief urging Supreme Court to grant certiorari and hold that uncorroborated allegations cannot reveal the truth to the market for purposes of establishing loss causation in a securities class action

April 29, 2021

Click here to view the amicus brief filed by the U.S. Chamber and Securities and Financial Markets Association. Jonathan K. Youngwood of Simpson Thacher & Bartlett LLP and the U.S. Chamber’s Litigation Center served as co-counsel for the U.S. Chamber.

Case Documents