Smith v. Ayres’s Empirical Analysis
845 F.2d 1360 · 1988
Citation profile
27 federal appellate · 4 district · 1 state decisions
How this case has been cited
Cited by 61 later decisions — most recently September 2018 · most notably Abell v. Potomac Insurance (1988), Cofacredit, S.A. v. Windsor Plumbing Supply Co. (1999)
27 federal appellate · 4 district · 1 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. § 78J (§ 10 of the Securities Exchange Act of 1934) · 18 U.S.C. § 1341 (White-Collar Crime Penalty Enhancement Act of 2002) · 18 U.S.C. § 1343 · 18 U.S.C. § 1961 (§ 901 of the Racketeer Influenced and Corrupt Organizations Act)
Relies on Sedima Sprl v. Imrex Company Inc · Basic Inc. v. Levinson · Blue Chip Stamps v. Manor Drug Stores · Affiliated Ute Citizens of Utah v. United States · Commissioner v. Engle
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 61 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
“By the terms of [Rule 10b-5], a presumption of reliance would not arise where the plaintiff's case is grounded in the second subsection. Subsection [ (b) ] requires disclosure only when necessary to make a statement made not misleading. For this reason, a subsection [ (b) ] claim always rests upon an affirmative statement of some sort, reliance on which is an essential element plaintiff must prove.... By contrast, under the first and third subsections the duty not to engage in a fraudulent 'scheme' or 'course of conduct' could be based primarily on an omission. Hence, the presumption could be warranted only under subsections one and three, but not under subsection two.”
2 later decisions quote this exact passage · from the majority“[T]he first step in determining whether the Affiliated Ute presumption applies is to identify whether the plaintiff's claim is founded on a fraudulent omission. This in turn depends upon which of the three subsections in Rule 10b-5 forms the basis for the plaintiff’s complaint.”); Finkel v. Docutel/Olivetti Corp., 817 F.2d 356 , 359 (5th Cir. 1987) (in Affiliated Ute,”
2 later decisions quote this exact passage · from the majority“Cases involving primarily a failure to disclose implicate the first and third subsections of Rule 10b-5; cases involving primarily a misstatement or failure to state a fact necessary to make statements made not misleading implicate the second subsection.”
2 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.