INSIGHT: The Amended Opinion in Martoma Cuts Back on the Initial Decision, But Still Affirms

July 11, 2018

On June 25, 2018, a divided Second Circuit panel issued an amended decision again upholding the conviction of former SAC Capital portfolio manager Mathew Martoma on one count of conspiracy to commit securities fraud and two substantive counts of securities fraud. The amended decision—like the original opinion in 2017—is a major decision expounding on the common law of insider trading, from the leading court on questions of federal securities law.

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