In Re WorldCom, Inc. Securities Litigation’s Empirical Analysis

Citation profile

3 district · 2 state decisions

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 29 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.

1. “GAAP changes and, even at any one point, is often indeterminate.”

   2 later decisions quote this exact passage · from the majority
   e.g. Miller Inv. Trust v. Morgan Stanley & Co. · 135 F. Supp. 3d 155 - Harris v. Amtrust Financial Services, Inc.

2. “A showing of shoddy accounting practices amounting at best to a pretended audit, or of grounds supporting a representation so flimsy as to lead to the conclusion that there was no genuine belief back of it have traditionally supported a finding of liability in the face of repeated assertions of good faith. In such cases, the factfinder may justifiably conclude that despite those assertions the danger of misleading was so obvious that the actor must have been aware of it.”

   1 later decision quote this exact passage · from the concurrence
   e.g. 412 F. Supp. 2d 349 - Securities & Exchange Commission v. KPMG LLP

3. “Unlike other Section 11 defendants, who are liable for any and all material misstatements or omissions within a registration statement, an accountant may be liable only for those statements 'which purport[ ] to have been prepared or certified by him.' " Id. at 491 (quoting 15 U.S.C. § 77k(a)(4) ). KPMG was SunEdison's outside auditor. (Compl't ¶¶ 77, 450.) In its work as auditor, KPMG signed a "Report of Independent Registered Public Accounting Firm”

   1 later decision quote this exact passage · from the concurrence
   e.g. 300 F. Supp. 3d 444 - In re Sunedison, Inc.