What is the test for determining whether misstatements in a statement to an investor in a securities transaction are "immaterial as a matter of law"?
MultiRegion, United States of America
The following excerpt is from Ark. Teacher Ret. Sys. v. Goldman Sachs Grp., Inc., 955 F.3d 254 (2nd Cir. 2020):
12 See, e.g. , United States v. Litvak , 808 F.3d 160, 175 (2d Cir. 2015) ("Where the misstatements are so obviously unimportant to a reasonable investor that reasonable minds could not differ on the question of their importance, we may find the misstatements immaterial as a matter of law ." (emphasis added, quotation marks and citation omitted)).
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