Legal Opinion
Basic Inc. v. Levinson
Supreme Court of the United States
Decided March 7, 1988No. 86-279PublishedCited by 2,954 opinions
1Opinion of the CourtJustice Blackmun
This case requires us to apply the materiality requirement of § 10(b) of the Securities Exchange Act of 1934 (1934 Act), 48 Stat. 881, as amended, 15 U. S. C. § 78a et seq., and the Securities and Exchange Commission’s Rule 10b-5, 17 CPR § 240.10b-5 (1987), promulgated thereunder, in the context of preliminary corporate merger discussions. We must also determine whether a person who traded a corporation’s shares on a securities exchange after the issuance of a materially misleading statement by the corporation may invoke a rebut-table presumption that, in trading, he relied on the integrity…
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3Cited by2,954 opinions
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