Supreme Court of the United States · Official docket →
NVIDIA Corporation, et al. v. E. Ohman J:or Fonder AB, et al.
Paid petition · United States Court of Appeals for the Ninth Circuit, No. 21-15604 · judgment August 25, 2023
Before the decision, about 6.2× the 4.1% base rate. The model weighted this up for counsel who has won certiorari before, a Ninth Circuit decision below, and a circuit split argued in the petition.
Questions presented
The Private Securities Litigation Reform Act (PSLRA) imposes "[e]xacting pleading requirements" on plaintiffs who file securities fraud class actions. Tellabs, Inc. v. Makor Issues & Rights, Ltd., 551 U.S. 311, 313 (2007). To state a claim, plaintiffs must "state with particularity all facts" supporting their allegations of falsity and must also allege "facts giving rise to a strong inference" of the required mental state. 15 U.S.C § 78u-4(b)(1), (2)(A); see also Fed. R. Civ. P. 9(b). Plaintiffs frequently try to meet these requirements by claiming that internal company documents contradicted the company's public statements. This petition presents two questions that have divided the circuits about how the PSLRA's requirements apply in this common and recurring context:
-
Whether plaintiffs seeking to allege scienter under the PSLRA based on allegations about internal company documents must plead with particularity the contents of those documents.
-
Whether plaintiffs can satisfy the PSLRA's falsity requirement by relying on an expert opinion to substitute for particularized allegations of fact. DISMISSED AS IMPROVIDENTLY GRANTED.
Counsel of record
For petitioner
Neal Kumar Katyal
Hogan Lovells US LLP
For respondent
Deepak Gupta
Gupta Wessler LLP
Case
Conference history
Distributed for 2 conferences
Amicus briefs
4 cert-stage · 13 merits
(5 supporting pet./neither, 8 respondent)
Argument & decision
Argued November 13, 2024 — Neal K. Katyal · Deepak Gupta. Audio and transcript
Decided December 11, 2024. Opinion by Per Curiam.
Proceedings
- Jan 13 2025Judgment Issued.
- Dec 11 2024Writ of certiorari DISMISSED as improvidently granted. Opinion per curiam.
- Nov 13 2024Argued. For petitioners: Neal K. Katyal, Washington, D. C. For respondents: Deepak Gupta, Washington, D. C.; and Colleen R. Sinzdak, Assistant to the Solicitor General, Department of Justice, Washington, D. C. (for United States, as amicus curiae.)
- Oct 25 2024Reply of petitioners NVIDIA Corp., et al. filed. (Distributed)
- Oct 15 2024Motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument GRANTED.
- Oct 02 2024Brief amicus curiae of United States filed. (Distributed)
- Oct 02 2024Brief amicus curiae of American Association for Justice filed. (Distributed)
- Oct 02 2024Brief amici curiae of Former SEC Officials filed. (Distributed)
- Oct 02 2024Brief amicus curiae of The Anti-Fraud Coalition filed. (Distributed)
- Oct 02 2024Brief amici curiae of Quantitative Experts filed. (Distributed)
- Oct 02 2024Brief amici curiae of Certain Institutional Investors filed. (Distributed)
- Oct 02 2024Brief amici curiae of Scholars of Civil Procedure filed. (Distributed)
- Oct 02 2024Motion of the Solicitor General for leave to participate in oral argument as amicus curiae and for divided argument filed.
- Oct 02 2024Brief amicus curiae of Brian T. Fitzpatrick filed. (10/8/2024) (Distributed)
- Oct 01 2024CIRCULATED
- Sep 25 2024Brief of respondents E. Ohman J:or Fonder AB, et al. filed. Distributed
- Sep 05 2024Brief amicus curiae of Thomas Fuller Ogden filed.
- Aug 20 2024Brief amici curiae of Washington Legal Foundation, et al. filed.
- Aug 20 2024Brief amicus curiae of The Digital Chamber filed.
- Aug 19 2024Brief amicus curiae of Professor Joseph A. Grundfest filed.
- Aug 16 2024Sealed material from the United States Court of Appeals for the Ninth Circuit electronically available with the Clerk. The remainder of the record is available on PACER.
- Aug 15 2024Brief amicus curiae of Atlantic Legal Foundation filed.
- Aug 13 2024Brief of petitioners NVIDIA Corp., et al. filed.
- Aug 13 2024Joint appendix filed. (Statement of costs filed)
- Aug 12 2024Record requested from the United States Court of Appeals for the Ninth Circuit.
- Jul 26 2024SET FOR ARGUMENT on Wednesday, November 13, 2024.
- Jul 15 2024Motion to extend the time to file the briefs on the merits granted. The time to file the joint appendix and petitioners' brief on the merits is extended to and including August 13, 2024. The time to file respondents' brief on the merits is extended to and including September 25, 2024.
- Jul 11 2024Motion for an extension of time filed.
- Jun 17 2024Petition GRANTED.
- Jun 10 2024DISTRIBUTED for Conference of 6/13/2024.
- May 21 2024DISTRIBUTED for Conference of 6/6/2024.
- May 20 2024Reply of petitioners NVIDIA Corp., et al. filed. (Distributed)
- May 06 2024Brief of respondents E. Ohman J:or Fonder AB, et al. in opposition filed.
- Apr 05 2024Brief amici curiae of Former SEC Officials filed.
- Apr 05 2024Brief amici curiae of Washington Legal Foundation and National Association of Manufacturers filed.
- Apr 05 2024Brief amicus curiae of Atlantic Legal Foundation filed.
- Apr 04 2024Brief amicus curiae of Professor Joseph A. Grundfest filed.
- Mar 26 2024Motion to extend the time to file a response is granted and the time is extended to and including May 6, 2024.
- Mar 25 2024Motion to extend the time to file a response from April 5, 2024 to May 6, 2024, submitted to The Clerk.
- Mar 04 2024Petition for a writ of certiorari filed. (Response due April 5, 2024)
- Dec 22 2023Application (23A578) granted by Justice Kagan extending the time to file until March 4, 2024.
- Dec 20 2023Application (23A578) to extend the time to file a petition for a writ of certiorari from February 13, 2024 to March 4, 2024, submitted to Justice Kagan.