[20171017]LSB10008_更新时间：当沉默不是黄金：证券法下的不作为责任 .pdf

CRS INSIGHT Prepared for Members and Committees of Congress Legal SidebarLegal Sidebari i UPDATE: When Silence Isnt Golden: Omissions Liability under Securities Laws Updated October 17, 2017 UPDATE: On October 17, the Court granted a joint motion of the parties to remove the case from its argument calendar in light of the parties reported agreement in principle to settle the dispute. The original post from October 3, 2017, appears below. In its upcoming term, the Supreme Court is scheduled to hear oral arguments in Leidos, Inc. v. Indiana Public Retirement System, a case involving a circuit split between the Second and Ninth Circuits (which together see more securities cases than the rest of the federal circuits combined) on a question concerning the principal anti-fraud provision of the Securities and Exchange Act of 1934 (the Exchange Act). The case raises the question of whether violations of a Securities and Exchange Commission (SEC) regulation requiring public companies to disclose “known trends or uncertainties” that a company “reasonably expects will have a material . . . impact” on revenues are actionable under Section 10(b) of the Exchange Act, which prohibits fraudulent m