Another Look At Amgen

Law360, New York (April 5, 2013, 12:31 PM EDT) -- “Materiality,” in the context of securities disclosure and litigation, is whether “there is a substantial likelihood that a reasonable shareholder would consider it [the fact] important” in deciding whether to invest, or to vote, or to take action in connection with his investment. Basic Inc. v. Levinson, 485 U.S. 224, 231 (1988) (citation omitted); TSC Indus. Inc. v. Northway Inc., 426 U.S. 438 (1976).

In February, the Supreme Court of the United States resolved a split in the circuits and held that the “materiality” element in...
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