{"argument_date":"2011-01-10T00:00:00Z","arguments":[{"argument_date":"2011-01-10T00:00:00Z","heading":"What happened at the argument","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2010","official_transcript_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","paragraphs":["Mr. Frederick argued that materiality depends on the total mix of information.","Mr. Hacker stated that drug companies receive many anecdotal reports daily.","Mr. Shah argued that precedents require a meaningful alteration of the total mix."],"reargument":false,"sequence":1,"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 5-13","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 10, lines 5-13"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 9-27","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 11, lines 9-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 3, lines 19-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 39-3","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 3, lines 39-3"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 7-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 3, lines 7-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 27-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 30, lines 27-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 29-33","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 4, lines 29-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 48, lines 5-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 48, lines 5-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 19-19","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 5, lines 19-19"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 23-35","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 5, lines 23-35"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 19-29","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 57, lines 19-29"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 58, lines 31-51","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 58, lines 31-51"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 59, lines 51-5","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 59, lines 51-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 33-41","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 6, lines 33-41"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 21-23","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 7, lines 21-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 7-7","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 7, lines 7-7"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 35-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 8, lines 35-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 5-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 8, lines 5-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 17-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 9, lines 17-25"}]}],"caption":"Matrixx Initiatives v. Siracusano","case_history":[{"changed_at":"2026-08-29T20:06:25.147379Z","explanation":"An official oral-argument transcript was verified.","status":"argued"},{"changed_at":"2026-08-29T20:06:25.179065Z","explanation":"An official oral-argument transcript was verified.","status":"argued"}],"case_status":"argued","dek":"Investors sue a drug maker for hiding a single adverse report. The company argues the report lacked scientific proof.","dek_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 3, lines 19-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 27-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 30, lines 27-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 48, lines 5-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 48, lines 5-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 19-29","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 57, lines 19-29"}],"dispositions":[],"latest_court_document_date":"2011-01-10T00:00:00Z","maturity":"official_transcript","official_detail_url":"https://www.supremecourt.gov/oral_arguments/argument_transcript/2010","official_disposition_urls":[],"official_docket_url":"https://www.supremecourt.gov/docket/docketfiles/html/public/09-1156.html","primary_docket":"09-1156","revisions":[{"correction_note":"Rewritten to the concise citizen-facing editorial standard.","created_at":"2026-08-31T00:29:47.447989Z","maturity":"official_transcript","revision_number":1},{"correction_note":"Migrated to the dated official Court activity contract without model use.","created_at":"2026-09-05T03:22:24Z","maturity":"official_transcript","revision_number":2}],"schema_version":"1.1","sections":[{"heading":"What this case is about","paragraphs":["This case tests when a company must disclose a single adverse report. The dispute centers on the legal standard for materiality in securities fraud."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 3, lines 19-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 27-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 30, lines 27-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 48, lines 5-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 48, lines 5-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 19-29","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 57, lines 19-29"}]},{"heading":"How the case got here","paragraphs":["The Supreme Court heard oral argument in this case on January 10, 2011."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 7-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 3, lines 7-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 59, lines 51-5","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 59, lines 51-5"}]},{"heading":"What each side wants","paragraphs":["The company wants the Court to require proof of scientific significance before disclosure.","The investors want the Court to allow disclosure based on the total mix of information."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 3, lines 19-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 27-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 30, lines 27-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 48, lines 5-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 48, lines 5-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 19-29","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 57, lines 19-29"}]},{"heading":"What each side says","paragraphs":["The company argues that a single report lacks scientific plausibility and is not material.","The investors argue that the total mix of information makes the report material to investors."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 3, lines 19-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 27-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 30, lines 27-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 48, lines 5-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 48, lines 5-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 19-29","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 57, lines 19-29"}]},{"heading":"What the justices asked","paragraphs":["Justice Sotomayor asked if the source of the report changes its materiality.","Justice Kennedy asked if a baseless claim still requires disclosure if the market reacts."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 5-13","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 10, lines 5-13"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 9-27","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 11, lines 9-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 39-3","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 3, lines 39-3"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 29-33","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 4, lines 29-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 19-19","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 5, lines 19-19"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 23-35","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 5, lines 23-35"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 58, lines 31-51","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 58, lines 31-51"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 59, lines 51-5","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 59, lines 51-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 33-41","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 6, lines 33-41"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 21-23","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 7, lines 21-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 7-7","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 7, lines 7-7"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 35-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 8, lines 35-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 5-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 8, lines 5-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 17-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 9, lines 17-25"}]},{"heading":"Why it matters","paragraphs":["This case defines when companies must disclose adverse reports. It affects how investors evaluate drug company risks. It shapes the balance between scientific proof and market reaction."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 3, lines 19-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 27-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 30, lines 27-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 48, lines 5-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 48, lines 5-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 19-29","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 57, lines 19-29"}]},{"heading":"What happens next","paragraphs":["This article currently covers the argument record. Use the official docket link for later case activity."],"sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 10, lines 5-13","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 10, lines 5-13"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 11, lines 9-27","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 11, lines 9-27"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 39-3","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 3, lines 39-3"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 7-17","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 3, lines 7-17"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 4, lines 29-33","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 4, lines 29-33"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 19-19","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 5, lines 19-19"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 5, lines 23-35","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 5, lines 23-35"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 58, lines 31-51","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 58, lines 31-51"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 59, lines 51-5","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 59, lines 51-5"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 6, lines 33-41","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 6, lines 33-41"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 21-23","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 7, lines 21-23"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 7, lines 7-7","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 7, lines 7-7"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 35-49","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 8, lines 35-49"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 8, lines 5-21","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 8, lines 5-21"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 9, lines 17-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 9, lines 17-25"}]}],"slug":"2010-09-1156-matrixx-initiatives-v-siracusano","term":"2010","title":"Does a single adverse report require a drug maker to disclose?","title_sources":[{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 3, lines 19-37","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 3, lines 19-37"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 30, lines 27-9","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 30, lines 27-9"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 48, lines 5-25","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 48, lines 5-25"},{"evidence_type":"Transcript","label":"Official Supreme Court Transcript — file page 57, lines 19-29","official_url":"https://www.supremecourt.gov/oral_arguments/argument_transcripts/2010/09-1156.pdf","page_label":"file page 57, lines 19-29"}],"topics":[],"undated_disposition_date_fallback":null,"updated_at":"2026-09-05T03:22:24Z"}