Margaret A. Little , New Civil Liberties Alliance, Washington, DC, Sheng Tao Li , Washington, DC, for Petitioner National Center for Public Policy Research.
Drew C. Ensign , Deputy Solicitor General, Drew C. Ensign, P.L.L.C., Phoenix, AZ, for Amici Curiae State of Arizona, State of Alabama, State of Alaska, State of Arkansas, State of Florida, State of Indiana, State of Kansas, State of Kentucky, State of Louisiana, State of Mississippi, State of Missouri, State of Montana, State of Nebraska, State of Oklahoma, State of South Carolina, State of Texas, State of Utah.
Steven Shepard , Susman Godfrey, L.L.P., New York, NY, for Amici Curiae Council of Institutional Investors, Investment Adviser Association, Northern Trust Investments, Incorporated, Ariel Investments, L.L.C., Boston Trust Walden Company, Lord, Abbett & Company, L.L.C., Gaingels, Incorporated, Robert F. Kennedy Center for Justice & Human Rights.
Pratik A. Shah , Akin Gump Strauss Hauer & Feld, L.L.P., Washington, DC, for Amicus Curiae Ad Hoc Coalition of Nasdaq-Listed Companies.
Brian Matthew Hauss , American Civil Liberties Union Foundation, New York, NY, for Amicus Curiae American Civil Liberties Union, Incorporated.
Jeffrey B. Dubner , Democracy Forward Foundation, Washington, DC, Karen Lee Loewy , Lambda Legal Defense & Education Fund, Washington, DC, Peter C. Renn , Lambda Legal Defense & Educational Fund, Incorporated, Los Angeles, CA, for Amicus Curiae Academic Experts in the Fields of Business, Management, and Economics.
Before Stewart, Dennis, and Higginson, Circuit Judges.
Stephen A. Higginson, Circuit Judge:
The "fundamental purpose" of the Securities Exchange Act of 1934 (Exchange Act), codified as amended at 15 U.S.C. § 78a et seq., is to enforce "a philosophy of full disclosure ... in the securities industry." Affiliated Ute Citizens of Utah v. United States,406 U.S. 128
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