Us V Schiff No 08 1903
US v. Schiff, No. 08-1903, involved a criminal prosecution of corporate executives at the pharmaceutical giant Bristol-Myers Squibb for securities fraud under 15 U.S.C. section 78j(b) and Securities and Exchange Commission Rule 10b-5. The court of appeals affirmed the district court’s pretrial order (1) dismissing the government’s theories of omission liability under Rule 10b-5 that attempted to hold defendant accountable for omissions in quarterly SEC 10-Q filings based on alleged misstatements in a company’s quarterly conference calls; and 2) excluding the government’s expert, following a Daubert hearing, who would have testified to the company’s stock price drop as evidence of Rule 10b-5’s materiality element....