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Quotation from TSC Industries, Inc. v. Northway, Inc. by Supreme Court of the United States
“The question of materiality, it is universally agreed, is an objective one, involving the significance of an omitted or misrepresented fact to a reasonable investor.”
TSC Industries, Inc. v. Northway, Inc., Opinion of the Court (Justice Marshall), Part II-B (U.S. Reports text (Legal Information Institute))
Justice Marshall states the common ground among the lower courts before choosing among their formulations.
Citation: "The question of materiality, it is universally agreed, is an objective one, involving the significance of an omitted or misrepresented fact to a reasonable investor." — Supreme Court of the United States, TSC Industries, Inc. v. Northway, Inc., Opinion of the Court (Justice Marshall), Part II-B (U.S. Reports text (Legal Information Institute)). (id tsc-industries-v-northway-q1)
Portrait: Thurgood-marshall-2, Robert S. Oakes, Public domain.
