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Stoneridge Investment Partners, LLC v. Scientific-Atlanta, Inc.

Docket No.: 06-43
Certiorari Granted: Mar 26 2007
Argued: October 9, 2007
Decided: January 15, 2008

PartyNames: STONERIDGE INVESTMENT PARTNERS, LLC v. SCIENTIFIC-ATLANTA, INC., ET AL.
Petitioner: Stoneridge Investment Partners, LLC
Respondent: Scientific-Atlanta, Inc., et al.

Court Below: United States Court of Appeals for the Eighth Circuit

Stoneridge Investment Partners, LLC
v.
Scientific-Atlanta, Inc., et al.
552 U.S. 148 (2008)
Question Presented:

Whether this Court's decision in Central Bank, N.A. v. First Interstate Bank, N.A., 511 U.S. 164 (1994), forecloses claims for deceptive conduct under § 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. § 78j(b), and Rule 10b-5(a) and (c), 17 C.F.R. 240.l0b-5(a) and (c), where Respondents engaged in transactions with a public corporation with no legitimate business or economic purpose except to inflate artificially the public corporation's financial statements, but where Respondents themselves made no public statements concerning those transactions.

Question:

Are claims for deceptive conduct under Section 10(b) of the Securities Exchange Act of 1934 barred by the Court's decision in Central Bank v. First International Bank when the defendant engaged in fraudulent transactions designed to inflate a corporation's financial statements, but made no public statements concerning those transactions?

Note:

THE CHIEF JUSTICE [ROBERTS] AND JUSTICE BREYER TOOK NO PART. Sep 20 2007 The Chief Justice is no longer recused in this case.

Holding: judgment is affirmed and reman
Vote: 5-3
Recused: Breyer
Opinion By:
Read STONERIDGE INVESTMENT PARTNERS, LLC V. SCIENTIFIC-ATLANTA, INC. opinion (PDF)
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