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Quotation from TSC Industries, Inc. v. Northway, Inc. by Supreme Court of the United States
“An omitted fact is material if there is a substantial likelihood that a reasonable shareholder would consider it important in deciding how to vote.”
TSC Industries, Inc. v. Northway, Inc., Opinion of the Court (Justice Marshall), Part II-C (U.S. Reports text (Legal Information Institute))
Justice Marshall announces the Court's definition of materiality under Rule 14a-9.
Citation: "An omitted fact is material if there is a substantial likelihood that a reasonable shareholder would consider it important in deciding how to vote." — Supreme Court of the United States, TSC Industries, Inc. v. Northway, Inc., Opinion of the Court (Justice Marshall), Part II-C (U.S. Reports text (Legal Information Institute)). (id tsc-industries-v-northway-q4)
Portrait: Thurgood-marshall-2, Robert S. Oakes, Public domain.
