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8th Annual Open Government Summit: Access To Public Records Act & Open Meetings Act, 2006, Department Of Attorney General, State Of Rhode Island
8th Annual Open Government Summit: Access To Public Records Act & Open Meetings Act, 2006, Department Of Attorney General, State Of Rhode Island
School of Law Conferences, Lectures & Events
No abstract provided.
People V. Williams, David A. Smiley
The "Duty" To Be A Rational Shareholder, David A. Hoffman
The "Duty" To Be A Rational Shareholder, David A. Hoffman
All Faculty Scholarship
How and when do courts determine that corporate disclosures are actionable under the federal securities laws? The applicable standard is materiality: would a (mythical) reasonable investor have considered a given disclosure important. As I establish through empirical and statistical testing of approximately 500 cases analyzing the materiality standard, judicial findings of immateriality are remarkably common, and have been stable over time. Materiality's scope results in the dismissal of a large number of claims, and creates a set of cases in which courts attempt to explain and defend their vision of who is, and is not, a reasonable investor. Thus, materiality …