Supreme Court Rules Securities Fraud Claims May Be Brought When Pharmaceutical Company Fails to Disclose Reports of Adverse Events

The U.S. Supreme Court on March 22, 2011, ruled that a claim for securities fraud under §10(b) of the Securities Exchange Act of 1934 and the Securities Exchange Commission (SEC) Rule 10b-5, based on a public pharmaceutical company’s failure to disclose reports of adverse events associated with a product, can proceed even if the reports do not disclose a statistically significant number of adverse events.

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