Federal Judiciary

Petition of the day

By Conor McEvily

Today?s petition of the day is: 

Title: Apollo Group, Inc. v. Policemen’s Annuity and Benefit Fund of Chicago
Docket: 10-649
Issue(s): 1) Whether a plaintiff, invoking the efficient market theory to avoid having to prove reliance on a misrepresented stock price that caused him loss, is barred from trying to prove loss causation based on a decline in price that happened weeks or months after a corrective disclosure, rather than immediately after the disclosure; and 2) whether a plaintiff may treat an analyst's report that synthesizes and comments on already-public information as a fraud-revealing corrective disclosure that suffices to prove loss causation.

Certiorari-Stage Documents:

• Opinion below (9th Circuit)
• Petition for certiorari

Full post as published by SCOTUSBLOG on December 14, 2010 (boomark / email).