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Supreme Court Denies Review of Stiefel Laboraties, Inc.’s Petition for a Writ of Certiorari

Today the U.S. Supreme Court announced that it denied review of Stiefel Laboratories, Inc.’s petition for a writ of certiorari in the federal securities fraud case in which Podhurst Orseck attorneys won a $1.8 million judgment for a salesman who had spent his career with the company and invested his retirement savings in the company’s employee stock bonus plan.  A jury found that Steifel executives defrauded him when they failed to disclose, at the time the company bought back his stock, that they were planning to sell the company such that his stock would quadruple in value.  The Supreme Court’s ruling leaves in place an 11th Circuit opinion that establishes that corporations have a duty to update investors with material information if failing to do so would be misleading.