Fed. Sec. L. Rep. P 94,494 Securities and Exchange Commission v. Harris A. Shapiro, Norman Berman’s Empirical Analysis
494 F.2d 1301 · 1974
Citation profile
59 federal appellate · 21 district ·
How this case has been cited
Cited by 155 later decisions (2 by the Supreme Court) — most recently November 2021 · most notably Basic Inc. v. Levinson (1988), Chiarella v. United States (1980)
59 federal appellate · 21 district ·
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
Relies on Affiliated Ute Citizens of Utah v. United States · Mills v. Electric Auto-Lite Co. · Hecht Co. v. Bowles · Rodriguez v. New York · Coates v. Securities & Exchange Commission
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 155 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
“negotiations had not jelled to the point where a merger was probable.”
3 later decisions quote this exact passage · from the majority““Facts are material for purposes of Rule 10b-5 if a ‘reasonable investor might have considered them important in the making of [an investment] decision. Affiliated Ute Citizens of Utah v. United States, 406 U.S. 128, 154 , 92 S.Ct. 1456 , 31 L.Ed.2d 741 (1972). See also Mills v. Electric Auto-Lite Co., 396 U.S. 375 , 90 S.Ct. 616 , 24 L.Ed.2d 593 (1970). Whether facts relating to a future event are material depends ‘upon a balancing of both the indicated probability that the event will occur and the anticipated magnitude of the event in light of the totality of the company activity.’ SEC v. Texas Gulf Sulphur Co., 401 F.2d 833 , 849 (2d Cir. 1968) (en banc), cert. denied, 394 U.S. 976 , 89 S.Ct. 1454 , 22 L.Ed.2d 756 (1969).” 494 F.2d at 1305-1306 .”
1 later decision quote this exact passage · from the majority“But we need not merely speculate as to how a reasonable investor might have received this information. The behavior of the appellant, his partner Shapiro, and others who knew of the merger, all of whom were sophisticated investors, demonstrates empirically that the information was material.”
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.