Editor's Note :

Editor's Note :

On Wednesday the Court hears oral arguments in Gobeille v. Liberty Mutual Insurance Company. Ronald Mann previewed the case for us.

Apollo Group, Inc. v. Policemen’s Annuity and Benefit Fund of Chicago

Petition for certiorari denied on March 7, 2011
Docket No. Op. Below Argument Opinion Vote Author Term
10-649 9th Cir. N/A N/A N/A N/A OT 2010

Issue: 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.

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