Fraud-on-the-Market Class Certification

News & Analysis as of

Eighth Circuit Becomes First Appellate Court to Apply Halliburton II Price Impact Analysis

The Eighth Circuit has become the first federal circuit court to apply the Supreme Court’s Halliburton Co. v. Erica P. John Fund, Inc., 134 S. Ct. 2398 (2014) (Halliburton II) decision. Relying on Halliburton II, the Eighth...more

Class Certification: Halliburton II and Basic

The predicate for many securities class actions is the fraud-on-the-market theory, adopted by the Supreme Court in Basic, Inc. v. Levinson, 485 U.S. 224 (1988). There the Court held that a securities law plaintiff could...more

Eighth Circuit Denies Class Certification in Securities Fraud Suit, Finding the “Fraud-on-the-Market” Presumption of Reliance Did...

On April 12, 2016, the U.S. Court of Appeals for the Eighth Circuit issued a significant decision denying class certification in a federal securities fraud action, holding that the defendants had rebutted the...more

Judge Scheindlin Approves Class Certification in Barclays High-Frequency Trading Securities Fraud Action

U.S. District Judge Shira Scheindlin of the Southern District of New York recently certified a class in Strougo v. Barclays PLC, 14 Civ. 5797 (SAS), (S.D.N.Y. Feb. 2, 2016), a high-profile securities class action based on the...more

"Insights Conversations: Securities Litigation"

From the impacts of U.S. Supreme Court Omnicare and Halliburton cases to the uptick in Securities Act class actions, litigation partners Scott Musoff and Susan Saltzstein discuss the latest securities litigation developments....more

Inside the Courts: An Update From Skadden Securities Litigators - September 2015 / Volume 7 / Issue 3

This issue of Inside the Courts, Skadden’s securities litigation newsletter, includes summaries and associated court opinions of selected cases principally decided between May 2015 and August 2015. The cases address...more

Carrying the Halli-burden: District Court Takes Up Price Impact at Class Certification in the Wake of Halliburton v. Erica P....

In a lengthy ruling containing a detailed analysis of dueling economic expert reports, a federal court in Texas held on July 25, 2015 that defendant Halliburton Company demonstrated a lack of price impact at the...more

District Court Follows Supreme Court’s Lead in Halliburton, Allows Class Action to Proceed with Narrowed Factual Scope

Applying the Supreme Court’s landmark decision in Halliburton Co. v. Erica P. John Fund, Inc., 134 S. Ct. 2398 (2014) (“Halliburton II”), which allowed companies facing securities fraud class actions to defeat certification...more

Rebutting the Fraud-on-the-Market Presumption in Securities Class Actions: Halliburton Class Certified Over Price Impact...

On July 25, 2015, Judge Barbara Lynn of the Northern District of Texas issued a formative opinion in the class actions securities arena. The case, The Erica P. John Fund, Inc., et al. v. Halliburton Co., et al., No....more

The Ten Most Significant Class Action Cases of 2014

Year-end lists are funny things. They take a sort-of arbitrary starting and stopping point, and then they cram a bunch of prejudices into a (usually) arbitrary number of items. And then people take them kind of seriously....more

Understanding Halliburton in Light of Recent Supreme Court Jurisprudence

In recent years, the Supreme Court has decided a number of cases that, alone and certainly in the aggregate, have significantly impacted the ability of plaintiffs to initiate and maintain class actions. By and large,...more

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

The Impact of the Supreme Court’s Recent Halliburton Decision on Securities Litigation

On June 23, 2014, the Supreme Court issued its long-awaited decision in Halliburton Co. v. Erica P. John Fund, Inc. In Halliburton, the Court declined to overrule Basic v. Levinson, but rather imposed limitations on 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

The Impact of Halliburton on Directors and Officers Insurance

Over the past year, directors and officers have been anticipating the Supreme Court’s ruling in Halliburton Co. et al. v. Erica John Fund, Inc., No. 13-317. In its recent 9-0 decision, the Supreme Court retained the...more

Supreme Court’s Halliburton Decision Opens New Line of Defense

In Halliburton Co. v. Erica P. John Fund, Inc., a rebuttable presumption must yield to the evidence at class certification. On June 23, 2014, the United States Supreme Court sustained the “fraud-on-the-market”...more

Halliburton II: Supreme Court Upholds Fraud on the Market Presumption, but Gives Securities Defendants a Fighting Chance at...

On June 23, 2014, the Supreme Court issued its highly-anticipated decision in Halliburton Co. v. Erica P. John Fund. The Court had accepted Halliburton for review to consider whether to overrule or substantially modify its...more

Supreme Court Decides Halliburton Co. v. Erica P. John Fund, Inc.

On June 23, the Supreme Court in Halliburton Co. v. Erica P. John Fund, Inc. held that a securities class action defendant may introduce evidence at the class certification stage to rebut the presumption that an alleged...more

Halliburton II: Recognizing Costs to Companies, Justices Provide Securities Litigation Defendants New Opportunity to Defeat Class...

On June 25, 2014, the U.S. Supreme Court decided Halliburton Co. v. Erica P. John Fund, No. 13-317, __ U.S. __ (2014), slip op. (U.S. June 23, 2014) (Halliburton II), holding that defendants in a class action securities...more

Back to Basic: The Supreme Court Revisits a Landmark Securities Case and Eases Its Impact on Defendants

On June 23, the Supreme Court issued its much-awaited decision in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317 (U.S. June 23, 2014). The Court declined Halliburton's invitation to eliminate the fraud-on-the-market...more

U.S. Supreme Court Releases Two Major Securities Opinions

Earlier this week, the U.S. Supreme Court released its decision in Halliburton Co. v. Erica B. John Fund, Inc., (U.S., No. 13-317)( Halliburton II), and for a second time vacated a decision by the Fifth Circuit on whether the...more

Halliburton: Assessing its Impact on Securities Class Actions

On June 23, the U.S. Supreme Court announced its decision in Halliburton Co. v. Erica P. John Fund, Inc., declining to overrule the holding in Basic Inc. v. Levinson, 485 U.S. 224 (1988), which allows investors in...more

Supreme Court Ruling in Halliburton II is a Partial Win for Defendants Facing Securities Class Actions

Yesterday, in its decision in Halliburton Co. v. Erica P. John Fund, Inc., the U.S. Supreme Court ruled, in a partial win for defendants, that a defendant in putative securities class action may introduce evidence at the...more

Supreme Court Lets Basic Presumption Stand for Securities Fraud Class Actions

What you need to know: The Supreme Court has declined to overturn a longstanding presumption that investors acquiring shares in an efficient market can be deemed to have relied on alleged misrepresentations. The...more

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