News & Analysis as of

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

Will Securities Fraud Class Actions Fade Into History?

The U.S. Supreme Court’s grant of certiorari in Halliburton Co. v. Erica P. John Fund, No. 13-317, suggests a dramatic change in private securities litigation is possible. On November 15, 2013, the Court accepted...more

Second Take on Amgen: Defense Arguments Largely Intact, Even in Overruled Circuits

In our post in the immediate wake of the Supreme Court’s decision in Amgen Inc. v. Connecticut Retirement Plans, we concluded that rather than being a new threat to the defense of securities class actions, Amgen basically...more

First Take on Amgen Decision: Supreme Court “Basically” Endorses Status Quo

The Supreme Court released its anxiously awaited decision in Amgen Inc. v. Connecticut Retirement Plans yesterday. On the face of the decision, it was a loss for defendants in that case, and for companies everywhere that are...more

Supreme Court Holds That Securities Fraud Plaintiffs Do Not Have to Prove Materiality to Certify a Class

The Supreme Court issued a much-anticipated decision today in Amgen Inc. v. Connecticut Retirement Plans and Trust Funds, No. 11-1085, 568 U.S. __ (2013), affirming the Ninth Circuit and holding that securities class action...more

Legal Alert: Supreme Court Decides Materiality Need Not Be Demonstrated for Class Certification

This morning the United States Supreme Court affirmed class certification in Amgen, Inc. v. Connecticut Retirement Plans and Trust Funds , a securities fraud case. The question presented was whether plaintiffs seeking class...more

U.S. Supreme Court Rejects Need to Prove Materiality at Class-Certification Stage in Securities Class Actions

The U.S. Supreme Court ruled on February 27, 2013 that a plaintiff need not prove materiality as a prerequisite to obtaining class certification in a securities class action. The Court's ruling in Amgen Inc. v. Connecticut...more

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