Perspective
Mar. 7, 2013
Securities fraud plaintiffs need not prove materiality at class certification stage
Although the court's decision in Amgen is interesting, its significance remains to be seen. By Eric S. Waxman and Virginia Milstead
In a case closely watched by the federal securities class action bar, Amgen, Inc. v. Connecticut Retirement Plans and Trust Funds, 2013 DJDAR 2521 (Feb. 27, 2013), the U.S. Supreme Court held that for purposes of seeking certification of a class asserting claims under Section 10(b) and Rule 10b-5 of the Securities Exchange Act, a plaintiff need not prove the materiality of alleged misleading statements ...
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