October Term 2024 · Docket 23-970
Does the PSLRA require specific evidence of intent to deceive in securities fraud complaints?
NVIDIA argues the Ninth Circuit applied too low a standard for pleading scienter. The investor fund argues the complaint met the statutory requirement for particularity.
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
NVIDIA's counsel argued the Ninth Circuit's standard was dangerously low.
The fund's counsel argued the complaint contained specific facts about gaming revenues.
Justice Jackson asked why specific data points were necessary for the claim.
Justice Sotomayor asked the advocate to state the specific rule they wanted adopted.
Read the official transcript for this argument · Official argument details
Sources used for this argument breakdown
- Official Supreme Court Transcript — file page 10, lines 13-15 — Transcript, file page 10, lines 13-15
- Official Supreme Court Transcript — file page 10, lines 45-49 — Transcript, file page 10, lines 45-49
- Official Supreme Court Transcript — file page 10, lines 53-1 — Transcript, file page 10, lines 53-1
- Official Supreme Court Transcript — file page 11, lines 11-19 — Transcript, file page 11, lines 11-19
- Official Supreme Court Transcript — file page 11, lines 25-27 — Transcript, file page 11, lines 25-27
- Official Supreme Court Transcript — file page 11, lines 45-47 — Transcript, file page 11, lines 45-47
- Official Supreme Court Transcript — file page 12, lines 9-39 — Transcript, file page 12, lines 9-39
- Official Supreme Court Transcript — file page 4, lines 13-23 — Transcript, file page 4, lines 13-23
- Official Supreme Court Transcript — file page 4, lines 25-25 — Transcript, file page 4, lines 25-25
- Official Supreme Court Transcript — file page 48, lines 25-17 — Transcript, file page 48, lines 25-17
- Official Supreme Court Transcript — file page 6, lines 27-31 — Transcript, file page 6, lines 27-31
- Official Supreme Court Transcript — file page 62, lines 43-1 — Transcript, file page 62, lines 43-1
- Official Supreme Court Transcript — file page 64, lines 21-25 — Transcript, file page 64, lines 21-25
- Official Supreme Court Transcript — file page 64, lines 57-31 — Transcript, file page 64, lines 57-31
- Official Supreme Court Transcript — file page 65, lines 55-27 — Transcript, file page 65, lines 55-27
- Official Supreme Court Transcript — file page 66, lines 53-31 — Transcript, file page 66, lines 53-31
- Official Supreme Court Transcript — file page 68, lines 11-15 — Transcript, file page 68, lines 11-15
- Official Supreme Court Transcript — file page 68, lines 43-47 — Transcript, file page 68, lines 43-47
- Official Supreme Court Transcript — file page 68, lines 49-55 — Transcript, file page 68, lines 49-55
- Official Supreme Court Transcript — file page 69, lines 13-19 — Transcript, file page 69, lines 13-19
- Official Supreme Court Transcript — file page 69, lines 23-33 — Transcript, file page 69, lines 23-33
- Official Supreme Court Transcript — file page 69, lines 39-41 — Transcript, file page 69, lines 39-41
- Official Supreme Court Transcript — file page 7, lines 27-41 — Transcript, file page 7, lines 27-41
- Official Supreme Court Transcript — file page 70, lines 41-47 — Transcript, file page 70, lines 41-47
- Official Supreme Court Transcript — file page 70, lines 55-9 — Transcript, file page 70, lines 55-9
- Official Supreme Court Transcript — file page 78, lines 41-53 — Transcript, file page 78, lines 41-53
- Official Supreme Court Transcript — file page 8, lines 33-35 — Transcript, file page 8, lines 33-35
- Official Supreme Court Transcript — file page 8, lines 43-1 — Transcript, file page 8, lines 43-1
- Official Supreme Court Transcript — file page 88, lines 15-33 — Transcript, file page 88, lines 15-33
- Official Supreme Court Transcript — file page 9, lines 31-9 — Transcript, file page 9, lines 31-9
A citizen's guide to the whole case
What this case is about
This case tests the pleading standard for securities fraud. The dispute centers on whether a complaint must identify specific evidence of intent to deceive. The lower court found the complaint sufficient. NVIDIA seeks reversal. The fund seeks affirmance.
Official sources for this section
- Official Supreme Court Transcript — file page 4, lines 25-25 — Transcript, file page 4, lines 25-25
- Official Supreme Court Transcript — file page 48, lines 25-17 — Transcript, file page 48, lines 25-17
- Official Supreme Court Transcript — file page 62, lines 43-1 — Transcript, file page 62, lines 43-1
- Official Supreme Court Transcript — file page 78, lines 41-53 — Transcript, file page 78, lines 41-53
- Official Supreme Court Transcript — file page 88, lines 15-33 — Transcript, file page 88, lines 15-33
How the case got here
The Supreme Court heard oral argument in this case on November 13, 2024.
Official sources for this section
- Official Supreme Court Transcript — file page 4, lines 13-23 — Transcript, file page 4, lines 13-23
- Official Supreme Court Transcript — file page 64, lines 57-31 — Transcript, file page 64, lines 57-31
What each side wants
NVIDIA wants the Supreme Court to reverse the Ninth Circuit decision.
The fund wants the Supreme Court to affirm the Ninth Circuit decision.
Official sources for this section
- Official Supreme Court Transcript — file page 4, lines 25-25 — Transcript, file page 4, lines 25-25
- Official Supreme Court Transcript — file page 48, lines 25-17 — Transcript, file page 48, lines 25-17
- Official Supreme Court Transcript — file page 62, lines 43-1 — Transcript, file page 62, lines 43-1
- Official Supreme Court Transcript — file page 78, lines 41-53 — Transcript, file page 78, lines 41-53
- Official Supreme Court Transcript — file page 88, lines 15-33 — Transcript, file page 88, lines 15-33
What each side says
NVIDIA argues the complaint lacked the specific evidence of intent required by the PSLRA.
The fund argues the complaint contained sufficient factual detail to satisfy the pleading standard.
Official sources for this section
- Official Supreme Court Transcript — file page 4, lines 25-25 — Transcript, file page 4, lines 25-25
- Official Supreme Court Transcript — file page 48, lines 25-17 — Transcript, file page 48, lines 25-17
- Official Supreme Court Transcript — file page 62, lines 43-1 — Transcript, file page 62, lines 43-1
- Official Supreme Court Transcript — file page 78, lines 41-53 — Transcript, file page 78, lines 41-53
- Official Supreme Court Transcript — file page 88, lines 15-33 — Transcript, file page 88, lines 15-33
What the justices asked
Justice Thomas asked what a compliant complaint would look like under heightened standards.
Justice Jackson questioned whether plaintiffs must possess evidence before pleading their case.
Official sources for this section
- Official Supreme Court Transcript — file page 10, lines 13-15 — Transcript, file page 10, lines 13-15
- Official Supreme Court Transcript — file page 10, lines 45-49 — Transcript, file page 10, lines 45-49
- Official Supreme Court Transcript — file page 10, lines 53-1 — Transcript, file page 10, lines 53-1
- Official Supreme Court Transcript — file page 11, lines 11-19 — Transcript, file page 11, lines 11-19
- Official Supreme Court Transcript — file page 11, lines 25-27 — Transcript, file page 11, lines 25-27
- Official Supreme Court Transcript — file page 11, lines 45-47 — Transcript, file page 11, lines 45-47
- Official Supreme Court Transcript — file page 12, lines 9-39 — Transcript, file page 12, lines 9-39
- Official Supreme Court Transcript — file page 6, lines 27-31 — Transcript, file page 6, lines 27-31
- Official Supreme Court Transcript — file page 64, lines 21-25 — Transcript, file page 64, lines 21-25
- Official Supreme Court Transcript — file page 64, lines 57-31 — Transcript, file page 64, lines 57-31
- Official Supreme Court Transcript — file page 65, lines 55-27 — Transcript, file page 65, lines 55-27
- Official Supreme Court Transcript — file page 66, lines 53-31 — Transcript, file page 66, lines 53-31
- Official Supreme Court Transcript — file page 68, lines 11-15 — Transcript, file page 68, lines 11-15
- Official Supreme Court Transcript — file page 68, lines 43-47 — Transcript, file page 68, lines 43-47
- Official Supreme Court Transcript — file page 68, lines 49-55 — Transcript, file page 68, lines 49-55
- Official Supreme Court Transcript — file page 69, lines 13-19 — Transcript, file page 69, lines 13-19
- Official Supreme Court Transcript — file page 69, lines 23-33 — Transcript, file page 69, lines 23-33
- Official Supreme Court Transcript — file page 69, lines 39-41 — Transcript, file page 69, lines 39-41
- Official Supreme Court Transcript — file page 7, lines 27-41 — Transcript, file page 7, lines 27-41
- Official Supreme Court Transcript — file page 70, lines 41-47 — Transcript, file page 70, lines 41-47
- Official Supreme Court Transcript — file page 70, lines 55-9 — Transcript, file page 70, lines 55-9
- Official Supreme Court Transcript — file page 8, lines 33-35 — Transcript, file page 8, lines 33-35
- Official Supreme Court Transcript — file page 8, lines 43-1 — Transcript, file page 8, lines 43-1
- Official Supreme Court Transcript — file page 9, lines 31-9 — Transcript, file page 9, lines 31-9
Why it matters
This case defines the evidentiary threshold for securities fraud claims. It determines how much detail plaintiffs must provide at the pleading stage. The outcome shapes the balance between access to courts and protection from baseless suits.
Official sources for this section
- Official Supreme Court Transcript — file page 4, lines 25-25 — Transcript, file page 4, lines 25-25
- Official Supreme Court Transcript — file page 48, lines 25-17 — Transcript, file page 48, lines 25-17
- Official Supreme Court Transcript — file page 62, lines 43-1 — Transcript, file page 62, lines 43-1
- Official Supreme Court Transcript — file page 78, lines 41-53 — Transcript, file page 78, lines 41-53
- Official Supreme Court Transcript — file page 88, lines 15-33 — Transcript, file page 88, lines 15-33
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 13-15 — Transcript, file page 10, lines 13-15
- Official Supreme Court Transcript — file page 10, lines 45-49 — Transcript, file page 10, lines 45-49
- Official Supreme Court Transcript — file page 10, lines 53-1 — Transcript, file page 10, lines 53-1
- Official Supreme Court Transcript — file page 11, lines 11-19 — Transcript, file page 11, lines 11-19
- Official Supreme Court Transcript — file page 11, lines 25-27 — Transcript, file page 11, lines 25-27
- Official Supreme Court Transcript — file page 11, lines 45-47 — Transcript, file page 11, lines 45-47
- Official Supreme Court Transcript — file page 12, lines 9-39 — Transcript, file page 12, lines 9-39
- Official Supreme Court Transcript — file page 4, lines 13-23 — Transcript, file page 4, lines 13-23
- Official Supreme Court Transcript — file page 6, lines 27-31 — Transcript, file page 6, lines 27-31
- Official Supreme Court Transcript — file page 64, lines 21-25 — Transcript, file page 64, lines 21-25
- Official Supreme Court Transcript — file page 64, lines 57-31 — Transcript, file page 64, lines 57-31
- Official Supreme Court Transcript — file page 65, lines 55-27 — Transcript, file page 65, lines 55-27
- Official Supreme Court Transcript — file page 66, lines 53-31 — Transcript, file page 66, lines 53-31
- Official Supreme Court Transcript — file page 68, lines 11-15 — Transcript, file page 68, lines 11-15
- Official Supreme Court Transcript — file page 68, lines 43-47 — Transcript, file page 68, lines 43-47
- Official Supreme Court Transcript — file page 68, lines 49-55 — Transcript, file page 68, lines 49-55
- Official Supreme Court Transcript — file page 69, lines 13-19 — Transcript, file page 69, lines 13-19
- Official Supreme Court Transcript — file page 69, lines 23-33 — Transcript, file page 69, lines 23-33
- Official Supreme Court Transcript — file page 69, lines 39-41 — Transcript, file page 69, lines 39-41
- Official Supreme Court Transcript — file page 7, lines 27-41 — Transcript, file page 7, lines 27-41
- Official Supreme Court Transcript — file page 70, lines 41-47 — Transcript, file page 70, lines 41-47
- Official Supreme Court Transcript — file page 70, lines 55-9 — Transcript, file page 70, lines 55-9
- Official Supreme Court Transcript — file page 8, lines 33-35 — Transcript, file page 8, lines 33-35
- Official Supreme Court Transcript — file page 8, lines 43-1 — Transcript, file page 8, lines 43-1
- Official Supreme Court Transcript — file page 9, lines 31-9 — Transcript, file page 9, lines 31-9
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 4, lines 25-25 — Transcript, file page 4, lines 25-25
- Official Supreme Court Transcript — file page 48, lines 25-17 — Transcript, file page 48, lines 25-17
- Official Supreme Court Transcript — file page 62, lines 43-1 — Transcript, file page 62, lines 43-1
- Official Supreme Court Transcript — file page 78, lines 41-53 — Transcript, file page 78, lines 41-53
- Official Supreme Court Transcript — file page 88, lines 15-33 — Transcript, file page 88, lines 15-33
- Official Supreme Court Transcript — file page 4, lines 25-25 — Transcript, file page 4, lines 25-25
- Official Supreme Court Transcript — file page 48, lines 25-17 — Transcript, file page 48, lines 25-17
- Official Supreme Court Transcript — file page 62, lines 43-1 — Transcript, file page 62, lines 43-1
- Official Supreme Court Transcript — file page 78, lines 41-53 — Transcript, file page 78, lines 41-53
- Official Supreme Court Transcript — file page 88, lines 15-33 — Transcript, file page 88, lines 15-33
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.