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...keep in mind the Supreme Court's formulation in the Northway case,10 holding that a proxy statement omission is material if there is a substantial likelihood...reasonable investor would consider it important in deciding how to vote — reversing a lower court which considered material all facts that a reasonable...

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...DOHERTY. Yes, I am. Mr. WHITTAKER. Mr. Doherty, is it true that facts are considered material only if there is a substantial likelihood that a reasonable investor would consider them important in making an investment decision? Mr. DOHERTY. That is what that case held, and I certainly...

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...a breach of a duty and that the nonpublic information at issue was material. Generally, information is material if there is a substantial likelihood that...reasonable investor would consider it important in making his or her investment decisions. TSC Industries, Inc. v. Northway, Inc., 426 US 438, 449 (1976). Moreover,...