High Court Rebuffs Amgen, Lowering Bar For Investor Suits

Law360, New York (February 27, 2013, 11:39 AM EST) -- Plaintiffs in securities fraud suits do not have to prove that allegedly misleading statements are material to a case for class certification, the U.S. Supreme Court ruled Wednesday in a landmark 6-3 opinion, rejecting Amgen Inc.’s attempt to raise the bar for investors and striking a resounding blow to the defense bar.

The court ruled in favor of plaintiff Connecticut Retirement Plans and Trust Funds, affirming the Ninth Circuit's holding that plaintiffs in a securities fraud action need only plausibly allege — not prove — materiality...
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