Cammer v. Bloom’s Empirical Analysis
1989
Citation profile
25 federal appellate · 38 district · 4 state decisions
How this case has been cited
Cited by 154 later decisions — most recently April 2020 · most notably Shapiro v. UJB Financial Corp. (1992), Teamsters Local 445 Freight Division Pension Fund v. Bombardier Inc. (2008)
25 federal appellate · 38 district · 4 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. § 77A (§ 1 of the Securities Act of 1933) · 15 U.S.C. § 78I (§ 9 of the Securities Exchange Act of 1934) · 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)
Relies on Anderson v. Liberty Lobby, Inc. · Celotex Corporation v. Catrett H · Matsushita Electric Industrial Co., Ltd. v. Zenith Radio Corporation · Conley v. Gibson · United Mine Workers of America v. Gibbs
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 154 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
“—An open market is one in which anyone, or at least a large number of persons, can buy or sell. —A developed market is one which has a relatively high level of activity and frequency, and for which trading information (e.g., price and volume) is widely available. It is principally a secondary market in outstanding securities. It usually, but not necessarily, has continuity and liquidity (the ability to absorb a reasonable amount of trading with relatively small price changes). —An efficient market is one which rapidly reflects new information in price. These terms are cumulative in the sense that a developed market will almost always be an open one. And an efficient market will almost invariably be a developed one.”
18 later decisions quote this exact passage · from the dissent“empirical facts showing a cause and effect relationship between unexpected corporate events or financial releases and an immediate response in the stock price.”
13 later decisions quote this exact passage · from the majority“The reason the existence of an actively traded market, as evidenced by a large weekly volume of stock trades, suggests there is an efficient market is because it implies significant investor interest in the company. Such interest, in turn, implies a likelihood that many investors are executing trades on the basis of newly available or disseminated corporate information.”
5 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.