It does not require proof of a substantial likelihood that disclosure of the omitted fact would have caused the reasonable investor to change his vote.

CENTERFORSECURITYPOLICY: Shariah��s Black Box

"They cannot directly or indirectly, on camera or not for attribution, give CBS information which once broadcast creates a substantial likelihood for an unfair trial, " he said.

WSJ: 'DA' Show Will Go On

What the standard does contemplate is a showing of a substantial likelihood that, under all the circumstances, the omitted fact would have assumed actual significance in the deliberations of the reasonable shareholder.

CENTERFORSECURITYPOLICY: Shariah��s Black Box

The general standard of materiality that we think best comports with the policies of Rule 14a-9 is as follows: An omitted fact is material if there is a substantial likelihood that a reasonable shareholder would consider it important in deciding how to vote.

CENTERFORSECURITYPOLICY: Shariah��s Black Box

Ironically, incentivizing sales people to sell financial products by adding substantial additional fees greatly reduces the likelihood the investor will receive superior net performance.

FORBES: Everyone Wants Kool Aid: Pruning the Money Management Tree (October 29, 2008)

Then there's the Defamation Bill - where the Lords got their way on the "serious harm test" requiring that companies would have to prove substantial financial loss, or at least the likelihood of it, before they could sue for libel.

BBC: That most mysterious of Westminster rituals