Legal Opinion
Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc.
Supreme Court of the United States
Decided January 15, 2008No. 06-43PublishedCited by 929 opinions
1Opinion of the CourtJustice Kennedy
We consider the reach of the private right of action the Court has found implied in § 10(b) of the Securities Exchange Act of 1934, 48 Stat. 891, as amended, 15 U. S. C. § 78j(b), and SEC Rule 10b-5, 17 CFR §240.10b-5 (2007). In this suit investors alleged losses after purchasing common stock. They sought to impose liability on entities who, acting both as customers and suppliers, agreed to arrangements that allowed the investors’ company to mislead its auditor and issue *153a misleading financial statement affecting the stock price. We conclude the implied right of action does not reach the…
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