Securities & Exchange Commission v. Wolfson’s Empirical Analysis
539 F.3d 1249 · 2008
Citation profile
12 federal appellate · 14 district ·
How this case has been cited
Cited by 46 later decisions (2 by the Supreme Court) — most recently September 2022 · most notably Securities & Exchange Commission v. Tambone (2010), Janus Capital Group, Inc. v. First Derivative Traders (2011)
12 federal appellate · 14 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
Applies 15 U.S.C. § 77Q (§ 17 of the Securities Act of 1933) · 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) · 28 U.S.C. § 1291
Relies on Basic Inc. v. Levinson · Central Bank of Denver Na v. First Interstate Bank of Denver Na K · Aaron v. Securities & Exchange Commission · Securities & Exchange Commission v. Texas Gulf Sulphur Co. · Merrill Lynch, Pierce, Fenner & Smith Inc. v. Dabit
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 46 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
“It shall be unlawful for any person, directly or indirectly, ... (a) To employ any device, scheme, or artifice to defraud, (b) To make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading, or (c)To engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon any person, in connection with the purchase or sale of any security.”
6 later decisions quote this exact passage · from the majority“(1) to employ any device, scheme, or artifice to defraud, 5 or (2) to obtain money or property by means of any untrue statement of a material fact or any omission to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading; or (3) to engage in any transaction, practice, or course of business which operates or would operate as a fraud or deceit upon the purchaser.”
5 later decisions quote this exact passage · from the majority“[a]n accountant's false and misleading representations in connection with the purchase or sale of any security, if made with the proper state of mind and if relied upon by those purchasing or selling a security, can constitute a primary violation.”
3 later decisions 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.