Schleicher v. Wendt’s Empirical Analysis

Citation profile

24 federal appellate · 2 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 66 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.

1. “That the ... price [of a stock] may be inaccurate does not detract from the fact that false statements affect it, and cause loss,”

   2 later decisions quote this exact passage
   e.g. Halliburton Co. v. Erica P. John Fund, Inc. · 134 S. Ct. 2398 - Halliburton Co. v. Erica P. John Fund, Inc.

2. “be limited to those aspects of the merits that affect the decisions essential”

   2 later decisions quote this exact passage
   e.g. Connecticut Retirement Plans & Trust Funds v. Amgen Inc. · 53 Cal. 4th 1004 - Brinker Restaurant Corp. v. Superior Court

3. “There are three versions of the efficient capital market hypothesis: weak, semi-strong, and strong. The weak version is that prices incorporate information in a way that prevents the historical pattern of prices from being used to predict changes in price.... The semi-strong version adds that the value of new information is itself reflected in prices quickly after release, so that only the first recipient of this information (or someone with inside information) makes a profit; everyone else might as well ignore the information and rely on the prices. The strong version adds a claim that the price set in this way is right, in the sense that it accurately reflects the firm’s value. Many economists think that the strong form of the hypothesis has been refuted, but the weak and semi-strong forms are widely accepted. And the fraud-on-the-market doctrine rests on the semi-strong form.”

   1 later decision quote this exact passage
   e.g. Lumen v. Anderson