Standing Under Rule 10b-5 After Blue Chip Stamps

The purpose of this Note is to analyze the opinion in Blue Chip and to ascertain the content of the Birnbaum rule as it exists today. It will first discuss the opinion of the Court in Blue Chip itself and delineate the primary policy considerations upon which the majority focused. It will then apply these policy considerations to the major categories of case law that have arisen subsequent to Birnbaum and analyze the validity of this case law in light of Blue Chip.