Tuesday, December 18, 2007
It is not surprising to hear from TalkLeft that the 10th Circuit Court of Appeals scrutinized the materiality issue in the Nacchio case. (see here) As co-blogger Peter Henning said to the Denver Post (here) "the most compelling argument relates to jury instructions on the materiality or significance of information Nacchio had and publicly disclosed." "'If he's going to win, I believe it will be on the materiality argument,' Henning said." The defense raised a multi-faceted approach on the materiality issue. The crux of the argument is that: "the jury was improperly instructed on the elements of materiality and scienter" and "that expert opinion testimony was erroneously excluded." (see here). The Rocky Mountain News (here) provides a lay-person's guide to understanding this issue and other issues raised by the defense.