The first set of briefs have been filed in Dura Pharmaceuticals v. Broudo, the loss causation case currently before the U.S. Supreme Court. Available on the web are Dura’s brief, along with amicus briefs from the Department of Justice and the SEC, the Chamber of Commerce of the United States, the Securities Industry Association and Bond Market Association, the American Institute of Certified Public Accountants, and Technology Network. (The Washington Legal Foundation, Broadcom, and Merrill Lynch also filed amicus briefs and links will be posted when available.)
Dura and its supporters argue that, contrary to the Ninth Circuit’s holding, a plaintiff must demonstrate a causal connection between the alleged misrepresentations and a subsequent decline in the stock price to adequately plead and prove loss causation. Broudo’s time to respond has been extended until November 17.
Addition: The Merrill Lynch brief can be found here. (Thanks to Adam Savett for the link.)