Owens v. Jastrow’s Empirical Analysis

Citation profile

5 federal appellate ·

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 23 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.

1. “[Severe recklessness] is limited to those highly unreasonable omissions or misrepresentations that involve not merely simple or even inexcusable negligence, but an extreme departure from the standards of ordinary care, and that present a danger of misleading buyers or sellers which is either known to the defendant or is so obvious that the defendant must have been aware of it.”

   3 later decisions quote this exact passage · from the majority
   e.g. Firefighters Pension & Relief Fund v. Bulmahn · Ranieri v. Advocare Int'l, L.P.

2. “(1) a material misrepresentation (or omission), (2) scienter, i.e., a wrongful state of mind, (3) a connection with the purchase or sale of a security, (4) reliance ...[,] (5) economic loss[,] and (6) 'loss causation,' i.e., a causal connection between the material misrepresentation and the loss.”

   2 later decisions quote this exact passage · from the majority
   e.g. Alaska Elec. Pension Fund v. Asar · Mun. Employees' Ret. Sys. of Mich. v. Pier 1 Imports, Inc.

3. “[a] district court may best make sense of scienter allegations by first looking to the contribution of each individual allegation to a strong inference of scienter, especially in a complicated case[.]”

   2 later decisions quote this exact passage · from the majority
   e.g. Alaska Elec. Pension Fund v. Asar · Mun. Employees' Ret. Sys. of Mich. v. Pier 1 Imports, Inc.