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Fraud-on-the-Market Lives On: Halliburton Co. v. Erica P. John Fund, Inc.

On June 23, 2014, the U.S. Supreme Court issued its second decision in Halliburton Co. v. Erica P. John Fund, Inc., __U.S. __(2014), 2014 WL__ (U.S. June 23, 2014) ("Halliburton II"). In this widely anticipated decision, the...more

6/24/2014 - Basic v Levinson Class Action Fraud Fraud-on-the-Market Halliburton Halliburton v Erica P. John Fund SCOTUS Securities Litigation

Supreme Court Rejects Calls to Overrule Fraud-on-the-Market Theory in Halliburton; Presumption of Reliance Still a Basic Part of...

Today the Supreme Court rejected calls from lawyers, economists and corporate associations to overrule the “fraud-on-the-market” theory that makes it possible to litigate federal securities fraud claims as class actions,...more

6/24/2014 - Basic v Levinson Class Certification Fraud Fraud-on-the-Market Halliburton Halliburton v Erica P. John Fund Presumption of Reliance SCOTUS Securities Fraud

Flash Rules: Is A Wall Street Reform on the Horizon or is the SEC Merely Reacting to the Latest Media Headline?

Michael Lewis’ new book Flash Boys: A Wall Street Revolt has caused a commotion on Wall Street, on Capitol Hill, and with law enforcement agencies. The SEC is the latest government agency to examine and propose new rules on...more

6/18/2014 - Administrative Hearings Alternative Trading Systems Dark Pool Financial Regulatory Reform FINRA High Frequency Trading Liquidnet Proposed Regulation SEC Securities Exchange Act Wall Street

Sheer Yoga Pants And Over-Stretched Allegations: Court Refuses To Stretch Allegations Of Corporate Mismanagement Into Federal...

A lack of sweaty models trying on yoga pants may be problematic, but does it give rise to securities fraud? Not in the Southern District of New York. In In re lululemon Securities Litigation, decided on April 18, 2014,...more

5/14/2014 - Class Action False Advertising Lululemon Mismanagement Rule 10b-5 Section 10(b) Securities Exchange Act Securities Fraud

Halliburton Watch: Let’s Start With The Basics

On March 5, 2014, the Supreme Court heard oral argument in the case Halliburton Co. v. Erica P. John Fund, Inc., Case No. 13-317, and we are certain our blog readers are eagerly awaiting the Court’s ruling. ...more

4/22/2014 - Class Action Fraud-on-the-Market Halliburton v Erica P. John Fund SCOTUS Securities Fraud Securities Litigation

Are Confidential Witness Reforms Looming On The Horizon? Can The Plaintiff’s Bar Stop Them?

A decision is expected shortly in the highly publicized so-called confidential witness “scandal” involving the Robbins Geller Rudman & Dowd law firm. Judge Suzanne B. Conlon of the United States District Court, Northern...more

1/23/2014 - Confidential Witnesses Evidence Rule 11 Witness

“Something More” Than “But For” Required In The Ninth Circuit

The Ninth Circuit recently reversed a ruling by the U.S. District Court of Nevada granting summary judgment in favor of the SEC in a case alleging violations of Section 5 of the Securities Act of 1933 in connection with the...more

9/17/2013 - But For Causation SEC Section 5 Securities Securities Act of 1933 Summary Judgment

Here’s Looking At You, Money Market Funds

While money market funds did not exist when Humphrey Bogart spoke his famous line in Casablanca, since the 2008 financial crisis, reforming money market funds have been the subject of high drama and intense scrutiny on...more

6/11/2013

Inside Out: NASDAQ Proposes Rule To Require Internal Auditing

The NASDAQ Stock Market recently submitted a proposed rule change that would require all companies listed on the NASDAQ to maintain an internal audit function. The function would “provide management and the audit committee...more

3/19/2013 - Audits Internal Audit Functions Nasdaq Risk Management

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