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Matrixx Initiatives v. Siracusano

AARP Asks U.S. Supreme Court to Protect Investors

The brief addresses the heightened pleading standard imposed by the PSLRA and notes that Matrixx's actions meet all the criteria that the law outlines. The brief argues that Matrixx (1) was aware from consumer complaints, communication with independent researchers and its own scientific data that there existed links between Zicam and anosmia, (2) despite this, knowingly issued misleading news releases denying the existence of the link and (3) deliberately failed  to notify the SEC about pending lawsuits as required by law.

The U.S. Court of Appeals for the Ninth Circuit agreed with the position of investors, and the company appealed to the U.S. Supreme Court.

What's at Stake


A significant percentage of people 50 and older tend to comprise the investing public in U.S. markets. Older people are frequent targets of financial fraud because they may have significant assets and are looking for investment opportunities to supplement Social Security and other sources of retirement income.

To maintain market integrity, there must be full disclosure of material information to the investing public.  

Status

The case is before the Supreme Court, where AARP has urged that the Court uphold the decision of the U.S. Court of Appeals for the Ninth Circuit, thereby allowing the lawsuit to proceed.

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