Rand v. Cullinet Software, Inc.

How courts have described this case

Verbatim parenthetical descriptions written by other courts when citing this decision. Ranked by citation-network relevance.

• noting that in the absence of privity, plaintiffs can recover for negligent misrepresentation if a defendant had “actual knowledge of any purported reliance” on its statements
• reasoning that allegedly misleading statements had “lost any possible materiality” by the time the plaintiff purchased stock seven months later 23 given the “intervening time” and new “information . . . enter[ing] the market”
• when evaluating defense under Rule 56; court must determine “whether a rational jury could find that full disclosure by the defendant would have significantly altered the total mix of information available to the reasonable investor”
• general, optimistic statements are not material

Source: CourtListener parenthetical corpus (CC0).