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Everybody Wins: The Supreme Court Upholds the Fraud-on-the-Market Presumption of Reliance But Allows Defendants to Fight Back

On Monday, the U.S. Supreme Court saved securities class-action plaintiffs from their worst nightmare and upheld the fraud-on-the-market presumption of reliance in securities class actions filed under Section 10(b) of the...more

6/26/2014 - Basic v Levinson Class Certification Fraud Fraud-on-the-Market Halliburton Halliburton v Erica P. John Fund Presumption of Reliance SCOTUS Securities Fraud

Boards of Directors Charged with Cybersecurity Risk Management by SEC Commissioner

Last week, SEC Commissioner Luis Aguilar outlined expectations for directors of public companies to manage cybersecurity risk. If you think it is enough that a board of directors reviews annual budgets for privacy and IT...more

6/23/2014 - Board of Directors Compliance Corporate Counsel Corporate Governance Cybersecurity Data Protection Popular Risk Management SEC

Criminal Exposure for Securities Fraud Expanded in the Fourth Circuit, Rejecting Janus for Criminal Matters

Last month, in Prousalis v. Moore (May 7, 2014), a criminal securities fraud case, the Fourth Circuit held that the Supreme Court’s interpretation of Rule 10b-5(b) in Janus Capital Group, Inc. v. First Derivative Traders...more

6/17/2014 - Criminal Prosecution Fraud Janus Capital Group Material Misstatements Rule 10b-5 SCOTUS Securities Fraud

The SEC’s Cybersecurity Assessment: A Roadmap for Companies Nationwide

The U.S. Securities & Exchange Commission (SEC) provided cybersecurity guidance to the securities industry in the form of a Risk Alert issued by the SEC’s Office of Compliance Inspections and Examinations (OCIE) on April 15,...more

5/15/2014 - Broker-Dealer Corporate Counsel Cybersecurity Cybersecurity Framework Data Protection FinCEN FINRA Investment Adviser NIST OCIE SEC

Going Public? After Omnicare, You May Want to Keep Your Opinions to Yourself

The Supreme Court has granted certiorari in Omnicare, Inc. v. The Laborers District Council Construction, No. 13-435, and will consider whether a statement of opinion in a Registration Statement must be both objectively and...more

5/6/2014 - Healthcare Omnicare Securities Securities Act of 1933 Securities Litigation

The Supreme Court Signals It May Level the Playing Field in Securities Class Actions

During last week’s oral argument in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317 (“Halliburton II”), the Supreme Court justices sent a strong signal that they would not overrule Basic, but may seek to strengthen...more

3/13/2014 - Class Action Class Certification Fraud-on-the-Market Halliburton Halliburton v Erica P. John Fund SCOTUS Securities Litigation

Basic’s Last Stand? Respondents and Their Allies Fight for the Fraud-on-the-Market Presumption

The fraud-on-the-market presumption of reliance will not go down without a fight in Halliburton v. Erica P. John Fund (No. 13-317), a Supreme Court case that may reshape securities litigation for years to come. At issue,...more

2/20/2014

Class Certification Denied? Courts Denied Class Certification in Fewer Than 24 Securities Actions since 2002; Halliburton...

There is no shortage of arguments from the defense bar in Halliburton v. Erica P. John Fund (No. 13-317), a Supreme Court case that may be the most significant securities decision to come out of the Court in decades. At issue...more

1/30/2014 - Class Action Class Certification Fraud Fraud-on-the-Market Halliburton Rebuttable Presumptions SEC White Collar Crimes

Is the Fraud-on-the-Market Bubble About to Burst?

On November 25, the U.S. Supreme Court set oral argument for March 5, 2014, in Halliburton v. Erica P. John Fund (No. 13-317), a case that could significantly impact the costs of securities litigation in the United States....more

12/16/2013 - Compliance Fraud Fraud-on-the-Market Halliburton Halliburton v Erica P. John Fund SCOTUS

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