Search Results for: halliburton
Confirmatory Information
In its Halliburton II decision, the Supreme Court held that a securities fraud defendant can overcome the fraud-on-the-market presumption of reliance at the class certification stage of a case “through evidence that the misrepresentation did not in fact affect the stock … Continue reading
Filed under Appellate Monitor, Class Certification
Recent Supreme Court Cases
Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System (2021) (class certification – price impact inquiry) Lorenzo v. SEC (2019) (primary liability) Cyan Inc. v. Beaver County Employees Retirement Fund (2018) (jurisdiction over class actions asserting Securities Act claims) California … Continue reading
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Chadbourne Decided (And Section 11 Is On Deck)
On the eve of the Halliburton oral argument, there have been two other developments in the U.S. Supreme Court related to securities litigation. (1) Last week, in the Chadbourne & Parke LLP v. Troice case, the Court held that the … Continue reading
Filed under Appellate Monitor
Challenging The Fraud-On-The-Market Theory
Pursuant to the fraud-on-the-market theory, reliance by investors on a misstatement is presumed if the company’s shares were traded on an efficient market that would have incorporated the information into the stock price. The presumption was judicially-created by the U.S. … Continue reading
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What Next?
Based on the Supreme Court’s recent decisions, a plaintiff is not required to prove the existence of loss causation (Halliburton) or materiality (Amgen) to certify an investor class. In the Halliburton case, however, the defendants pursued a related issue on … Continue reading
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Supreme Court To Address Fraud-On-The-Market Theory
A key development this week was the Supreme Court’s decision to hear the Amgen Inc. v. Connecticut Retirement Plans and Trust Funds case on appeal from the Ninth Circuit. Pursuant to the fraud-on-the-market theory, reliance by investors on a misstatement … Continue reading
Picking Sides
The U.S. Court of Appeals for the Third Circuit has weighed in on two controversial issues concerning loss causation and scheme liability. In In re DVI, Inc. Sec. Litig., 2011 WL 1125926 (3rd Cir. March 29, 2011), the court examined … Continue reading
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Around the Web
A couple of items from around the web. (1) Professor John Coffee has a New York Law Journal column (Jan. 20 – subscrip. req’d) on the upcoming year in securities litigation. The column discusses the Halliburton and Matrixx cases pending … Continue reading
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Supreme Court To Address Class Certification Requirements
The U.S. Supreme Court continues to take an interest in securities litigation cases. Earlier today, the Court granted cert in the Erica P. John Fund, Inc. v. Halliburton Co. case. In Halliburton, the Fifth Circuit declined to certify a class … Continue reading
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Where To Next
As the U.S. Supreme Court begins its October term, a securities litigator’s fancy naturally turns to what cases the court might take next. A leading indicator is cert petitions where the Court has asked the government to provide its input. … Continue reading
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