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Oct21
Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc.

The following is not meant to be legal advice.

 

On October 9, 2007, the United States Supreme Court heard argument in Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc.  The case is about how a plaintiffs may bring securities class action suits. The main issue in Stoneridge is whether shareholders can bring suit against third parties who are alleged to have made no misstatements themselves.  These third parties engage in deceptive conduct to further fraud by helping the issuer make false and misleading statements.

The issues the court focused on were: whether there exists an implied private right of action under Section 10(b) to pursue damages for deceptive conduct intended to further a fraudulent scheme, whether enforcement of a cause of action to pursue damages for deceptive conduct was limited to the government, whether  deceptive conduct by a party that did not issue a misstatement could be differentiated from aiding and abetting liability.

 

 

The court did not appear to find a private right of action for the deceptive practices at issue in the case.  The court seemed to deem such action for the legislature or Congress.

 

 Fraud

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