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Securities – Medical reimbursement scheme was material omission (access required)

Holding: Investors’ complaint against a medical device company sufficiently alleged violations of § 10(b) of the Securities Exchange Act, claiming that the company’s officers knowingly misrepresented material facts constituting a fraud on the market. Background Appellee TranS1 received approval in 2004 to sell its AxiaLIF system, a medical device for spinal surgery. TranS1 derives its revenues almost ...

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