Lessler v. Little’s Empirical Analysis
857 F.2d 866 · 1988
Citation profile
7 federal appellate · 19 district · 1 state decisions
How this case has been cited
Cited by 41 later decisions — most recently May 2025 · most notably 247 Ill. App. 3d 966 - Mann v. Kemper Financial Companies, Inc. (1992), Norris v. Lumbermen's Mutual Casualty Co. (1989)
7 federal appellate · 19 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) · 15 U.S.C. § 80A · 15 U.S.C. § 80A · 15 U.S.C. § 80A · 15 U.S.C. § 80A · 15 U.S.C. § 80A · 15 U.S.C. § 80A · 15 U.S.C. § 80A
Relies on Conley v. Gibson · United Mine Workers of America v. Gibbs · Ohio Bureau of Employment Services v. Hodory · Cort v. Ash · Touche Ross & Co. v. Redington
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 41 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
“47. During the Class Period, the defendants, individually and in concert, together with the other members of Bank Shares’ and Amoskeag’s Boards of Directors, directly and indirectly, engaged and participated in or aided and abetted a continuous course of conduct and conspiracy to conceal adverse material information regarding the finances, financial condition and future prospects of the Company as specified herein. Defendants employed devices, schemes, and artifices to defraud and engaged in acts, practices, and a course of conduct as hereinafter alleged in an effort to maintain artificially high market prices for the securities of Bank Shares prior and subsequent to the Merger. This included the formulation, making of and/or participation in the making of untrue statements of material facts and omitting to state material facts necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading, and engaging in acts, practices and courses of business which operated as a fraud and deceit upon plaintiffs and the classes. These included, among other things, the following: a. That BankShares’ total loan loss reserves were not maintained at an adequate level in light of the economic conditions prevailing in certain areas of loan concentration and the concomitant high risk of noncollectability of a large portion of Bank Shares’ commercial real estate and other loans, which facts were known and/or foreseeable by the individual”
3 later decisions quote this exact passage · from the majority“The Committee wishes to make plain that it expects the courts to imply private rights of action under this legislation, where the plaintiff falls within the class of persons protected by the statutory provision in question. Such a right would be consistent with and further Congress’ intent in enacting that provision, and where such actions would not improperly occupy an area-traditionally the concern of state law. In appropriate instances, for example, breaches of fiduciary duty involving personal misconduct should be remedied under Section 36(a) of the [ICA]. With respect to business development companies, the Committee contemplates suits by shareholders as well as by the Commission, since these are the persons the provision is designed to protect, and such private rights of action will assist in carrying out the remedial purposes of Section 36.”
2 later decisions quote this exact passage · from the majority“it appears beyond doubt that [Norris] can prove no set of facts which would entitle him to relief.”
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.