美国证券欺诈起诉标准的新发展——以Matrixx v.Siracusano案为中心

2011年3月美国联邦最高法院审结的Matrixx案,明确了原告提起私人证券欺诈之诉时应满足的"重大性"和"故意"两个起诉标准之具体含义。最高法院拒绝在"重大性"问题上适用黑白分明的判断标准,坚持从"是否有实质性可能性使一个理性的投资者认为被遗漏信息的披露将显著改变现有信息的全局"角度来判断某一信息是否重大。Matrixx案判决将进一步加强上市公司的披露义务,并在一定程度上为原告提起证券欺诈之诉提供便利。

New Development of Prosecution Standards of Securities Fraud in U.S.:A Case Study of Matrixx v.Siracusano

The Matrixx case concluded by the U.S.Supreme Court in 2011 March,clarified the meanings of the two prosecution standards,i.e."significance" and "scienter" for a plaintiff to bring a private security fraud suit.The Supreme Court declined to apply black-or-white criteria,and confirmed to apply the criterion of "a substantial likelihood that the disclosure of the omitted fact would have been viewed by the reasonable investor as having significantly altered the ’total mix’ of information made available." The Matrixx case has further strengthened the disclosure duty of the listed companies and,to certain extent facilitated the plaintiff to initiate a security fraud suit.