On April 12, a unanimous Supreme Court held in Macquarie Infrastructure Corp. v. Moab Partners, L.P. that material omissions are actionable under Section 10(b) of the Exchange Act.
On April 12, 2024, the unanimous United States Supreme Court confirmed that the mere fact of an issuer's silence does not give rise to a private claim under Rule 10b-5(b).
On April 12, 2024, a unanimous U.S. Supreme Court issued an opinion in Macquarie Infrastructure Corp. v. Moab Partners, L. P.,1 vacating a judgment of the U.S. Court of Appeals for the Second Circuit.
Resolving a split among the circuit courts, the U.S. Supreme Court has issued a unanimous decision in Macquarie Infrastructure Corp. v. Moab Partners limiting a private plaintiff's ability.
The Supreme Court recently took away an often-used weapon by shareholder plaintiffs in securities fraud cases, ruling that "pure omissions" from periodic SEC filings (absent any other duty to disclose) are not actionable under SEC Rule 10b-5.