In what amounted to a 6-3 decision, the Supreme Court held in Halliburton Co. v. Erica P. John Fund, Inc., 573 U.S. ___ (2014) that the presumption of reliance based on the fraud-on-the-market theory, first articulated in...more
What impact will the Court’s decision today have on the securities class actions going forward?
DS: Today’s opinion provides defendants with an important tool to defeat a 10b-5 class action at a relatively early stage...more
Even the most experienced securities defense attorneys regularly summarize Rule 10b-5(b) as creating a cause of action for “false or misleading statements and omissions of material fact.” Courts –including the Supreme Court...more
On February 27, 2013, the Supreme Court handed down its decision in Amgen Inc. v. Connecticut Retirement Plans & Trust Funds, No. 11-1085 (U.S. Feb. 27, 2013). In a six to three decision, the Court held that plaintiffs...more
Today, in a 6-3 decision, the Supreme Court of the United States held in Amgen Inc. v. Connecticut Retirement Plans and Trust Funds that a securities fraud plaintiff alleging fraud on the market need not establish the...more
The U.S. Supreme Court heard oral argument on November 5, 2012, to determine the issue of whether a court should decide the issue of materiality in an SEC Rule 10b-5 misrepresentation case, before certifying a plaintiff class...more
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