October Term 2023 · Docket 22-1165
Does an omission render a disclosure misleading under Rule 10b-5?
The parties dispute whether omitting a material fact makes a statement misleading.
Verified source milestones
- — An official oral-argument transcript was verified.
- — An official oral-argument transcript was verified.
- — An official Court opinion was verified.
The arguments, in order
This case may have been argued more than once. Each entry below uses that session's official transcript. Later arguments do not erase earlier ones.
Argument 1 ·
What happened at the argument
the sides that brought the case argue the text of Rule 10b-5 controls the outcome.
the opposing sides argue the context of the disclosure matters more than the text.
justice_question_1
Read the official transcript for this argument · Official argument details
Sources used for this argument breakdown
- Official Supreme Court Transcript — file page 10, lines 31-45 — Transcript, file page 10, lines 31-45
- Official Supreme Court Transcript — file page 11, lines 19-41 — Transcript, file page 11, lines 19-41
- Official Supreme Court Transcript — file page 11, lines 49-11 — Transcript, file page 11, lines 49-11
- Official Supreme Court Transcript — file page 12, lines 39-51 — Transcript, file page 12, lines 39-51
- Official Supreme Court Transcript — file page 14, lines 35-13 — Transcript, file page 14, lines 35-13
- Official Supreme Court Transcript — file page 16, lines 11-11 — Transcript, file page 16, lines 11-11
- Official Supreme Court Transcript — file page 27, lines 29-13 — Transcript, file page 27, lines 29-13
- Official Supreme Court Transcript — file page 49, lines 13-29 — Transcript, file page 49, lines 13-29
- Official Supreme Court Transcript — file page 5, lines 11-23 — Transcript, file page 5, lines 11-23
- Official Supreme Court Transcript — file page 5, lines 25-1 — Transcript, file page 5, lines 25-1
- Official Supreme Court Transcript — file page 67, lines 33-45 — Transcript, file page 67, lines 33-45
- Official Supreme Court Transcript — file page 67, lines 47-19 — Transcript, file page 67, lines 47-19
- Official Supreme Court Transcript — file page 67, lines 9-29 — Transcript, file page 67, lines 9-29
- Official Supreme Court Transcript — file page 7, lines 45-51 — Transcript, file page 7, lines 45-51
- Official Supreme Court Transcript — file page 7, lines 7-11 — Transcript, file page 7, lines 7-11
- Official Supreme Court Transcript — file page 72, lines 27-29 — Transcript, file page 72, lines 27-29
- Official Supreme Court Transcript — file page 8, lines 17-21 — Transcript, file page 8, lines 17-21
- Official Supreme Court Transcript — file page 8, lines 39-41 — Transcript, file page 8, lines 39-41
- Official Supreme Court Transcript — file page 8, lines 47-33 — Transcript, file page 8, lines 47-33
- Official Supreme Court Transcript — file page 9, lines 55-7 — Transcript, file page 9, lines 55-7
A citizen's guide to the whole case
What this case is about
This case tests the legal standard for misleading omissions in securities disclosures.
Official sources for this section
- Official Supreme Court Transcript — file page 27, lines 29-13 — Transcript, file page 27, lines 29-13
- Official Supreme Court Transcript — file page 49, lines 13-29 — Transcript, file page 49, lines 13-29
- Official Supreme Court Transcript — file page 5, lines 25-1 — Transcript, file page 5, lines 25-1
- Official Supreme Court Transcript — file page 67, lines 47-19 — Transcript, file page 67, lines 47-19
- Official Supreme Court Transcript — file page 67, lines 9-29 — Transcript, file page 67, lines 9-29
How the case got here
The Supreme Court heard oral argument in this case on January 16, 2024.
Official sources for this section
- Official Supreme Court Transcript — file page 5, lines 11-23 — Transcript, file page 5, lines 11-23
- Official Supreme Court Transcript — file page 72, lines 27-29 — Transcript, file page 72, lines 27-29
What each side wants
the sides that brought the case want a narrow rule requiring a tight factual link between the statement and the omission.
the opposing sides want a broad rule where context determines if an omission misleads.
Official sources for this section
- Official Supreme Court Transcript — file page 27, lines 29-13 — Transcript, file page 27, lines 29-13
- Official Supreme Court Transcript — file page 49, lines 13-29 — Transcript, file page 49, lines 13-29
- Official Supreme Court Transcript — file page 5, lines 25-1 — Transcript, file page 5, lines 25-1
- Official Supreme Court Transcript — file page 67, lines 47-19 — Transcript, file page 67, lines 47-19
- Official Supreme Court Transcript — file page 67, lines 9-29 — Transcript, file page 67, lines 9-29
What each side says
the sides that brought the case argue the text of Rule 10b-5 requires a specific connection between the statement and the omission.
the opposing sides argue the context of the disclosure determines whether an omission creates a misleading impression.
Official sources for this section
- Official Supreme Court Transcript — file page 27, lines 29-13 — Transcript, file page 27, lines 29-13
- Official Supreme Court Transcript — file page 49, lines 13-29 — Transcript, file page 49, lines 13-29
- Official Supreme Court Transcript — file page 5, lines 25-1 — Transcript, file page 5, lines 25-1
- Official Supreme Court Transcript — file page 67, lines 47-19 — Transcript, file page 67, lines 47-19
- Official Supreme Court Transcript — file page 67, lines 9-29 — Transcript, file page 67, lines 9-29
What the justices asked
Chief Justice Roberts asked if the distinction between half-truths and omissions is hard to apply.
Justice Sotomayor asked if a specific certification is part of the 303 filing requirement.
Official sources for this section
- Official Supreme Court Transcript — file page 10, lines 31-45 — Transcript, file page 10, lines 31-45
- Official Supreme Court Transcript — file page 11, lines 19-41 — Transcript, file page 11, lines 19-41
- Official Supreme Court Transcript — file page 11, lines 49-11 — Transcript, file page 11, lines 49-11
- Official Supreme Court Transcript — file page 12, lines 39-51 — Transcript, file page 12, lines 39-51
- Official Supreme Court Transcript — file page 14, lines 35-13 — Transcript, file page 14, lines 35-13
- Official Supreme Court Transcript — file page 16, lines 11-11 — Transcript, file page 16, lines 11-11
- Official Supreme Court Transcript — file page 67, lines 33-45 — Transcript, file page 67, lines 33-45
- Official Supreme Court Transcript — file page 7, lines 45-51 — Transcript, file page 7, lines 45-51
- Official Supreme Court Transcript — file page 7, lines 7-11 — Transcript, file page 7, lines 7-11
- Official Supreme Court Transcript — file page 72, lines 27-29 — Transcript, file page 72, lines 27-29
- Official Supreme Court Transcript — file page 8, lines 17-21 — Transcript, file page 8, lines 17-21
- Official Supreme Court Transcript — file page 8, lines 39-41 — Transcript, file page 8, lines 39-41
- Official Supreme Court Transcript — file page 8, lines 47-33 — Transcript, file page 8, lines 47-33
- Official Supreme Court Transcript — file page 9, lines 55-7 — Transcript, file page 9, lines 55-7
Why it matters
This dispute defines the scope of liability for omitted facts in corporate disclosures.
Official sources for this section
- Official Supreme Court Transcript — file page 27, lines 29-13 — Transcript, file page 27, lines 29-13
- Official Supreme Court Transcript — file page 49, lines 13-29 — Transcript, file page 49, lines 13-29
- Official Supreme Court Transcript — file page 5, lines 25-1 — Transcript, file page 5, lines 25-1
- Official Supreme Court Transcript — file page 67, lines 47-19 — Transcript, file page 67, lines 47-19
- Official Supreme Court Transcript — file page 67, lines 9-29 — Transcript, file page 67, lines 9-29
What happens next
This article currently covers the argument record. Use the official docket link for later case activity.
Official sources for this section
- Official Supreme Court Transcript — file page 10, lines 31-45 — Transcript, file page 10, lines 31-45
- Official Supreme Court Transcript — file page 11, lines 19-41 — Transcript, file page 11, lines 19-41
- Official Supreme Court Transcript — file page 11, lines 49-11 — Transcript, file page 11, lines 49-11
- Official Supreme Court Transcript — file page 12, lines 39-51 — Transcript, file page 12, lines 39-51
- Official Supreme Court Transcript — file page 14, lines 35-13 — Transcript, file page 14, lines 35-13
- Official Supreme Court Transcript — file page 16, lines 11-11 — Transcript, file page 16, lines 11-11
- Official Supreme Court Transcript — file page 5, lines 11-23 — Transcript, file page 5, lines 11-23
- Official Supreme Court Transcript — file page 67, lines 33-45 — Transcript, file page 67, lines 33-45
- Official Supreme Court Transcript — file page 7, lines 45-51 — Transcript, file page 7, lines 45-51
- Official Supreme Court Transcript — file page 7, lines 7-11 — Transcript, file page 7, lines 7-11
- Official Supreme Court Transcript — file page 72, lines 27-29 — Transcript, file page 72, lines 27-29
- Official Supreme Court Transcript — file page 8, lines 17-21 — Transcript, file page 8, lines 17-21
- Official Supreme Court Transcript — file page 8, lines 39-41 — Transcript, file page 8, lines 39-41
- Official Supreme Court Transcript — file page 8, lines 47-33 — Transcript, file page 8, lines 47-33
- Official Supreme Court Transcript — file page 9, lines 55-7 — Transcript, file page 9, lines 55-7
Official Court provenance
Official docket and case history · Official Supreme Court oral-argument detail page
Verified official opinions and orders
Title and summary sources
- Official Supreme Court Transcript — file page 27, lines 29-13 — Transcript, file page 27, lines 29-13
- Official Supreme Court Transcript — file page 49, lines 13-29 — Transcript, file page 49, lines 13-29
- Official Supreme Court Transcript — file page 5, lines 25-1 — Transcript, file page 5, lines 25-1
- Official Supreme Court Transcript — file page 67, lines 47-19 — Transcript, file page 67, lines 47-19
- Official Supreme Court Transcript — file page 67, lines 9-29 — Transcript, file page 67, lines 9-29
- Official Supreme Court Transcript — file page 27, lines 29-13 — Transcript, file page 27, lines 29-13
- Official Supreme Court Transcript — file page 49, lines 13-29 — Transcript, file page 49, lines 13-29
- Official Supreme Court Transcript — file page 5, lines 25-1 — Transcript, file page 5, lines 25-1
- Official Supreme Court Transcript — file page 67, lines 47-19 — Transcript, file page 67, lines 47-19
- Official Supreme Court Transcript — file page 67, lines 9-29 — Transcript, file page 67, lines 9-29
Revision history
- Revision 1 · Post Opinion ·
Correction: Rewritten to the concise citizen-facing editorial standard.
- Revision 2 · Post Opinion ·
Correction: Migrated to the dated official Court activity contract without model use.