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