Kaplan v. Utilicorp United, Inc.’s Empirical Analysis
9 F.3d 405 · 1993
Citation profile
4 federal appellate · 1 district ·
How this case has been cited
Cited by 18 later decisions — most recently August 2017
4 federal appellate · 1 district ·
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
Relies on Blue Chip Stamps v. Manor Drug Stores · Nogueras v. Puerto Rico International Airlines, Inc. · Pharo v. Smith · First Virginia Bankshares v. Benson · Crisp v. Southwest Bancshares Leasing Co.
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 18 citing decisions cite the case generally; a passage count includes only decisions quoting that exact language verbatim.
“To support its contention that the individual defendants’ scienter cannot be imputed to NetSolve because the defendants plotted to harm the company, Netsolve cites [Kaplan]. In Kaplan , the Circuit dismissed a securities fraud complaint against the company, because the two individual defendants had acted to steal money directly from the company for their personal use. See id. (“[T]he knowledge and actions of employees acting adversely to the corporate employer cannot be imputed to the corporation.”). Here,' however, the plaintiffs allege the individual defendants acted to artificially raise Net-Solve’s stock price, not directly steal money from its coffers. An artificial raise in the stock price, in most cases, benefits the company. In addition, the vast majority of securities fraud cases (in this Court, at least) allege that individual defendants misled the market to artificially raise their company’s stock price, and then sold their shares. If the Court were to accept the defendants’ argument, such causes of action would be eliminated. While this is an appealing prospect in terms of the Court’s workload, it is not a valid application of the federal securities laws. This ground for dismissal is overruled.”
1 later decision quote this exact passage · from the majority“Silence, or omission to state a fact, is proscribed only in certain situations: first, where the defendant has a duty to speak, secondly, where the defendant has revealed some relevant material information even though he had no duty (i.e., a defendant may not deal in half-truths). In determining whether the duty to speak arises, we consider the relationship between the plaintiff and defendant, the parties’ relative access to the information to be disclosed, the benefit derived by the defendant from the purchase or sale, defendant’s awareness of plaintiffs reliance on defendant in making its investment decisions, and defendant’s role in initiating the purchase or sale.”
1 later decision 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.