Class Action Class Certification Fraud-on-the-Market

A class action is a type of legal action where a representative individual or group of individuals can bring a claim on behalf of a larger group or class who share a common legal interest.
News & Analysis as of

The Supreme Court approves a new tool to defeat class certification in federal securities fraud cases brought in the Fifth Circuit...

The Supreme Court decision in Halliburton v. Erica P. John Fund, Inc., 134 S.Ct. 2398 (2014) concerns a federal securities fraud class action. The case was appealed from the Fifth Circuit. In Haliburton, the Supreme Court...more

Defeating Class Certification: Halliburton II Ruling Impacts Securities Class Action Issues

In its June 23, 2014 opinion in Halliburton Co. v. Erica P. John Fund, Inc. (“Halliburton II”), the United States Supreme Court addressed two securities class action issues: 1. It affirmed the validity of the...more

Halliburton: Although Basic Stands, Companies May Thwart Certification of Securities Class Actions by Rebutting the Presumption of...

The highly anticipated U.S. Supreme Court ruling in Halliburton Co. v. Erica P. John Fund, Inc., 573 U. S. ____ (2014) (June 23, 2014) left intact the fraud-on-the-market theory established by the Supreme Court in Basic Inc....more

Halliburton Decision May Drive Up Litigation Costs and Impact Settlement

The U.S. Supreme Court’s recent decision in Halliburton Co. v. Erica P. John Fund, Inc. is not the game changer for securities litigation that some hoped for, but D&O insurers will be keeping a close eye on securities cases...more

Supreme Court Preserves 'Fraud-on-the-Market' and Validates Use of 'Price Impact' Defense Against Class Certification in...

In its long-awaited decision in Halliburton Co. v. Erica P. John Fund, Inc. (“Halliburton II”), the US Supreme Court upheld the validity of the fraud-on-the-market presumption set forth in Basic Inc. v. Levinson, 485 US 224...more

Halliburton Co. v. Erica P. John Fund, Inc.: The US Supreme Court Confirms That Defendants in Securities Fraud Cases May Rebut...

The US Supreme Court’s decision in Halliburton Co. v. Erica P. John Fund, Inc., Slip op., No. 13-317 (Jun. 23, 2014), unanimously held that before certifying a class in a securities fraud case, federal courts must allow...more

Basic Is Dying a Slow Death: The Supreme Court Upholds the Fraud-on-the-Market Presumption in Halliburton but Allows Rebuttal

Given the opportunity to overrule its landmark 1988 decision in Basic v. Levinson, in which it created the fraud-on-the-market presumption, the Supreme Court declined. The Court found in its decision this week in Halliburton...more

U.S. Supreme Court Upholds Fraud-on-the-Market Doctrine

In its highly anticipated decision in Halliburton Co. v. Erica P. John Fund, Inc. released this week, the U.S. Supreme Court confirmed that plaintiffs in securities class actions could continue to rely on the...more

U.S. Supreme Court Decision Gives More Latitude to Defeat Securities Fraud Class Action Lawsuits Prior to Class Certification

In Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317, __ S Ct. __, 2014 WL 2807181 (U.S. June 23, 2014), the United States Supreme Court refused to overturn the landmark decision Basic v. Levinson, but ruled that...more

Halliburton Co. v. Erica P. John Fund, Inc.: The Court Retains Basic, But Permits Defendants To Rebut Price Impact At Class...

On June 23, 2014, the Supreme Court issued its long anticipated decision in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317, 2014 WL 2807181 (June 23, 2014). The Court declined to overturn the 25 year-old decision in...more

Halliburton Ruling: High Court Affirms Basic v. Levinson and Confirms Defendants May Rebut Reliance Presumption at Class...

The Supreme Court’s June 23, 2014 decision in Halliburton Co. v. Erica P. John Fund, Inc. was one of this term’s most highly anticipated rulings, involving a request that the Court overrule a landmark precedent from 25 years...more

Halliburton II: What Every Public Company Should Know About the Impact of this Decision on Securities Class Action Suits

On June 23, 2014, in Halliburton v. Erica P. John Fund, No. 13-317 (June 23, 2014) ("Halliburton II"), in an opinion authored by Justice Roberts, the Supreme Court unanimously declined to overturn its ruling in Basic v....more

Presumption of Reliance Survives in Securities Cases, But Defendants Can Dispute Price Impact at Class Certification

The U.S. Supreme Court yesterday declined to abandon the efficient-market theory, with its rebuttable presumption of reliance that enables securities class actions to proceed without proof of actual reliance on alleged...more

Supreme Court Reaffirms Basic v. Levinson Presumption of Reliance - Affirms Defendant’s Right to Rebut that Presumption at the...

On June 23, 2014, the Supreme Court of the United States issued its much-anticipated decision in Halliburton Co., et al. v. Erica P. John Fund, Inc., No. 13-317 (2014). The Court vacated and remanded the decision of the...more

D&O Insurers Take Note: U.S. Supreme Court Modifies the “Basic” Game

Yesterday, the U.S. Supreme Court issued a unanimous¹ decision in the securities fraud case, Halliburton Co. v. Erica P. John Fund, which was highly anticipated by many who follow the federal securities laws, including D&O...more

First Take on Halliburton II: The Price-Impact Rule May Not Have Much Practical Impact

Yesterday’s Supreme Court decision in Halliburton Co. v. Erica P. John Fund, Inc. (Halliburton II) may well have the lowest impact-to-fanfare ratio of any Supreme Court securities decision. Despite the social-media-fueled...more

US Supreme Court Refuses to Overturn Fraud-on-the-Market Presumption

The United States Supreme Court, on the morning of Monday, June 23, 2014, issued its highly-anticipated decision in Halliburton Co. v. Erica P. John Fund, No. 13-317. Contrary to the hopes of many business interests, the...more

Halliburton Decided! World Does Not End

Yesterday, the Supreme Court released its highly-anticipated decision in Hallburton Co. v. Erica P. John Fund, Inc. As we (and, to be fair, others) predicted after the oral argument, the Court did not have the appetite to...more

Securities Class Action Defendants Can Rebut the Basic Fraud-on-the-Market Presumption of Reliance at the Class Certification...

The U.S. Supreme Court held yesterday that defendants in securities fraud class actions can defeat the Basic fraud-on-the-market presumption of reliance at the class certification stage “through evidence that the...more

An Investor Class Scrambles to Save Its Event Study (and its Claims)

At some point in a securities fraud case, the plaintiffs are going to have to prove “loss causation” – proof that the alleged misrepresentation caused the drop in the price of the relevant security. They often do this...more

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

Supreme Court Hears Argument in Potentially Game-Changing Securities Law Case

On March 5, 2014, the U.S. Supreme Court heard argument in Halliburton v. Erica P. John Fund. The outcome of this case may change the landscape for securities class actions. The issue in Halliburton is whether the fraud on...more

Supreme Court Does Not Seem Inclined to Overrule the Presumption of Reliance; But Changes for How Reliance Is Handled at Class...

The Supreme Court heard arguments yesterday in Halliburton Co. v. Erica P. John Fund, Inc. One issue presented in the case is whether the court should overrule or substantially modify the holding of Basic Inc. v. Levinson, a...more

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

U.S. Supreme Court to Reconsider "Fraud-on-the-Market" Presumption in Securities Fraud Class Actions

On November 15, 2013, the U.S. Supreme Court announced that it would revisit the "fraud-on-the-market" presumption that it adopted 25 years ago, which substantially expanded securities fraud class actions. The appeal in which...more

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