Moskowitz v. Lopp’s Empirical Analysis
1989
Citation profile
2 federal appellate · 15 district · 3 state decisions
How this case has been cited
Cited by 65 later decisions — most recently September 2015 · most notably Forman v. Data Transfer, Inc. (1995), Karcich v. Stuart (2000)
2 federal appellate · 15 district · 3 state decisions
Later decisions citing this case, by decade. The current decade is in progress, and our corpus holds fewer opinions from the most recent years, so the latest bars are undercounted — not a real decline.
Relationships
Applies 15 U.S.C. § 78J (§ 10 of the Securities Exchange Act of 1934) · 15 U.S.C. § 78T (§ 20 of the Securities Exchange Act of 1934)
Relies on United Mine Workers of America v. Gibbs · Warth v. Seldin · Ohio Bureau of Employment Services v. Hodory · Eisen v. Carlisle & Jacquelin · General Telephone Co. of Southwest v. Falcon
Most-quoted passages
The sentences later courts lift from this opinion, ranked by how many decisions quote each — the parts of the opinion doing the work. These counts are smaller than the citation total above because most of the 65 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
“[t]he fraud-on-the-market presumption is applied to establish reliance, not in face-to-face transactions involving closely-held corporations, but in the impersonal securities exchanges where proof of direct reliance is virtually impossible. [Citation.] It can be stated without fear of gainsay that the [roster of] shareholders of every large, publicly traded corporation includes institutional investors, short-sellers, arbitragers, etc. The fact that these traders have divergent motivations in purchasing shares should not defeat the fraud-on-the-market presumption absent convincing proof that price played no part whatsoever in their decision making.”
1 later decision quote this exact passage · from the concurrence“Wherever communicating, or purchasing or selling a security while in possession of, material nonpublic information would violate, or result in liability to any purchaser or seller of the security under any provision of this chapter, or any rule or regulation thereunder, such conduct in connection with a purchase or sale of a put, call, straddle, option, or privilege with respect to such security or with respect to a group or index of securities including such security, shall also violate and result in comparable liability to any purchaser or seller of that security under such provision, rule, or regulation.”
1 later decision quote this exact passage · from the concurrence“The heart of this requirement is that plaintiff and each member of the represented group have an interest in prevailing on similar legal claims. Assuming such an interest, particular factual differences, differences in the amount of damages claimed, or even the availability of certain defenses against a class representative may not .render his or her claims atypical.”
1 later decision quote this exact passage · from the majority
How this case has been treated — in progress
Whether each later court followed, distinguished, criticized, or overruled this decision. The treatment classification (task #35) runs highest-cited cases first and lights up here as it reaches this one.