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Amgen, Inc. v. Connecticut Retirement Plans and Trust Funds

133 S. Ct. 1184 (2013)

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Amgen, Inc. v. Connecticut Retirement Plans and Trust Funds

United States Supreme Court

133 S. Ct. 1184 (2013)

Facts

Connecticut Retirement Plans and Trust Funds (Connecticut Retirement) (plaintiff) lost money trading Amgen, Inc. (Amgen) (defendant) stock and filed a securities-fraud lawsuit. Connecticut Retirement alleged that Amgen, a biotechnology company, had made misrepresentations concerning two of its drugs, artificially inflating its stock prices. When the misrepresentations were later publicly revealed, Amgen’s stock prices fell. Connecticut Retirement sought class-action certification, relying on the fraud-on-the-market theory. Under the fraud-on-the-market theory, the price of a security traded on an efficient market is presumed to be based on all information about a company available to the public, creating a rebuttable presumption that a purchaser relied on that information in deciding to buy the security. Amgen conceded the efficiency of the market on which its stock was traded but argued that the court could not certify a plaintiff’s class unless Connecticut Retirement proved that Amgen’s misrepresentations had been material. The district court disagreed, certifying a plaintiff’s class of all investors who bought Amgen stock between the date of the first alleged misrepresentations and the date that Amgen corrected the misrepresentations. The United States Supreme Court granted Amgen’s certiorari petition.

Rule of Law

Issue

Holding and Reasoning (Ginsburg, J.)

Concurrence (Alito, J.)

Dissent (Thomas, J.)

Dissent (Scalia, J.)

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