Answering a precise question increasingly raised by securities fraud plaintiffs, the United States Supreme Court held that a failure to disclose information cannot support a private action under Rule 10b–5(b) if the failure did not render any statements made misleading. Though the Court framed the case around the narrow issue of whether the failure to

On June 10, 2020, the US Court of Appeals for the Ninth Circuit affirmed the dismissal of a putative securities fraud class action against Endologix, Inc., a medical device company, on the grounds that the shareholder’s core theory of liability had “no basis in logic or common experience.” In that case, Nguyen v. Endologix, Inc.,