Goldman Sachs Group Inc. v. Arkansas Teacher Retirement System
U.S. Supreme Court · decided June 21, 2021 · Supreme Court Database (Spaeth)
- Decided
- June 21, 2021
- Term
- October Term 2020
- Vote
- 5–4
- Majority author
- Justice Barrett
- Issue area
- Economic Activity
- Disposition
- Vacated and remanded
- Outcome
- Petitioning party won
- Ideological direction
- Conservative
Opinion excerpt
(Slip Opinion) OCTOBER TERM, 2020 1 Syllabus NOTE: Where it is feasible, a syllabus (headnote) will be released, as is being done in connection with this case, at the time the opinion is issued. The syllabus constitutes no part of the opinion of the Court but has been prepared by the Reporter of Decisions for the convenience of the reader. See United States v. Detroit Timber & Lumber Co., 200 U. S. 321 , 337. SUPREME COURT OF THE UNITED STATES Syllabus GOLDMAN SACHS GROUP, INC., ET AL. v. ARKANSAS TEACHER RETIREMENT SYSTEM, ET AL. CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE SECOND CIRCUIT No. 20–222. Argued March 29, 2021—Decided June 21, 2021 Respondent shareholders (Plaintiffs) filed this securities-fraud class ac- tion alleging that The Goldman Sachs Group, Inc., and certain of its executives (collectively, Goldman) violated securities laws and regula- tions prohibiting material misrepresentations and omissions in con- nection with the sale of securities. 15 U. S. C. §78j(b); 17 CFR §240 .10b–5. Plaintiffs allege that Goldman maintained an artificially inflated stock price by repeatedly making false and misleading generic statements about its ability to manage conflicts. Under Plaintiffs’ in- flation-maintenance theory, Goldman’s alleged misrepresentations caused its stock price to remain inflated until the market reacted to the truth about Goldman’s…
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