Opinion entering judgment for Vivendi after bench trial in securities litigation.
The sole issue in the case at this stage was whether Vivendi could rebut the fraud on the market presumption of reliance with respect to the GAMCO and Gabelli investors that opted-out of the securities class action.
Vivendi had to attempt this rebuttal without arguing that the market for Vivendi ADS’s was inefficient, that there was no price impact, that the truth about Vivendi’s misstatements was known to the market, or that the plaintiffs were in possession of corrective non-public information. They were precluded from making these arguments as a result of collateral estoppel.
In other words, Vivendi had a high hurdle to overcome here, and managed to do so.
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