No. 09-1176 IN THE Supreme Court of the United States _________________________ PIRATE INVESTOR LLC AND FRANK PORTER STANSBERRY , Petitioners, v. UNITED STATES SECURITIES AND EXCHANGE COMMISSION , Respondent. _________________________ ON PETITION FOR WRIT OF CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE FOURTH CIRCUIT _________________________ BRIEF AMICI CURIAE OF THE REPORTERS COMMITTEE FOR FREEDOM OF THE PRESS AND MEDIA ORGANIZATIONS IN SUPPORT OF PETITIONERS _________________________ Lucy A. Dalglish Counsel of Record Gregg P. Leslie The Reporters Committee for Freedom of the Press 1101 Wilson Blvd., Suite 1100 Arlington, Va. 22209 (703) 807-2100
[email protected] (Additional counsel for amici listed on inside cover.) TABLE OF CONTENTS Table of Authorities ...................................................iii Statement of Interest.................................................. 1 Summary of Argument ............................................... 4 Argument .................................................................... 7 I. The decision below applying § 10(b) to a publisher of general financial recommendations with no First Amendment safeguards will impermissibly chill valuable speech regarding financial issues ...................... 7 A. Financial reporting has long been a cornerstone of journal- ism, informing the public and interpreting economic infor- mation on its behalf....................................... 8 II. Regardless of connection to cur- rent affairs, the First Amend- ment fully protects financial