495 F.2d 228 (2d Cir. 1974) Cited 154 times
Holding that " Affiliated Ute surely warrants our conclusion that the requisite element of causation in fact has been established by the admitted withholding by defendants of material inside information which they were under an obligation to disclose, such information being clearly material in the sense that . . . reasonable investors might have considered it important in making their decision to purchase Douglas stock."