Freedman v. Barrow’s Empirical Analysis
1976
Citation profile
7 federal appellate · 2 district · 2 state decisions
How this case has been cited
Cited by 26 later decisions — most recently December 2009 · most notably Greenapple v. Detroit Edison Co. (1980), Halebian v. Berv (2009)
7 federal appellate · 2 district · 2 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. § 78A (§ 1 of the Securities Exchange Act of 1934) · 15 U.S.C. § 78C (§ 3 of the Securities Exchange Act of 1934) · 15 U.S.C. § 78N (§ 14 of the Securities Exchange Act of 1934) · 15 U.S.C. § 78P (§ 16 of the Securities Exchange Act of 1934) · 26 U.S.C. § 422
Relies on TSC Industries, Inc. v. Northway, Inc. · J. I. Case Co. v. Borak · Kern County Land Company v. Occidental Petroleum Corporation · Reliance Electric Company v. Emerson Electric Company · Clay v. United States
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 26 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
“Perhaps in a different world a detailed description of hundreds of pages setting forth all the accounting ramifications . would be desirable for whatever edification the average shareholder could derive. Whatever the relative merits of such a costly work, the law does not require it. Such in-depth treatment would take more than a few pages, and few but accountants, lawyers and financial analysts could comprehend it. It would be necessary to precede the discussion of the accounting treatment with a full explanation to the stockholders of such accounting terms as capital account, earned surplus, gross and net profit, net worth, cash flow and others. The intricacies of income tax law and the accrual method of accounting must be understood, all merely as prerequisites to carrying the shareholder intelligently through the various entries”
2 later decisions quote this exact passage · from the majority“substantial likelihood that, under all the circumstances, the omitted fact would have assumed actual significance in the deliberations of the reasonable shareholder. Put another way, there must be a substantial likelihood that the disclosure of the omitted fact would have been viewed by the reasonable investor as having significantly altered the “total mix” of information made available.”
2 later decisions quote this exact passage · from the majority“Congress has left some of the problems of the abuse of inside information to other remedies. Sanctions such as those imposed by Rule 10b-5 alleviate concern that ordinary investors will not be protected against actual abuses of inside information by officers and directors who are granted stock options and stock appreciation rights.”
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.