News & Analysis as of

Police Retirement Sys. V. Intuitive Surgical

Opinion

Keker & Van Nest attorneys Michael Celio and Cody Harris have secured a complete vindication for Intuitive Surgical Inc., a leading manufacturer of cutting-edge robotic surgery devices, from an aggressive securities class...more

Supreme Court Declines to Overrule the Presumption of Reliance in Securities Class Actions - Halliburton Co. v. Erica P. John...

Yesterday, the United States Supreme Court issued its much-anticipated decision in Halliburton Co. v. Erica P. John Fund, Inc. Halliburton called into question the very foundation of a securities class action—the presumption...more

Fraud-on-the-Market Lives On: Halliburton Co. v. Erica P. John Fund, Inc.

On June 23, 2014, the U.S. Supreme Court issued its second decision in Halliburton Co. v. Erica P. John Fund, Inc., __U.S. __(2014), 2014 WL__ (U.S. June 23, 2014) ("Halliburton II"). In this widely anticipated decision, the...more

Halliburton II Upholds Basic Presumption

The Supreme Court upholds the fraud-on-the-market presumption but allows defendants to rebut the presumption at the class certification stage. On June 23, the U.S. Supreme Court issued its long-anticipated decision in...more

Implications for Future Securities Class Action Cases

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

Beyond Basic: Supreme Court’s Halliburton Ruling Strengthens Defenses in Securities Fraud Class Actions

Today, the Supreme Court issued its ruling in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317 (U.S. June 23, 2014), the most anticipated securities decision since its landmark ruling over 25 years ago in Basic, Inc....more

Supreme Court Provides New Ammunition for Defeating Securities Fraud Class Actions

The U.S. Supreme Court today gave companies new ammunition to defeat securities fraud class actions. In Halliburton v. Erica P. John Fund, the Court held that defendants can, at the preliminary class certification stage,...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

Q&A Series: Bringing the ‘Basic’ Debate to the Court

Editor's Note: Aaron Streett is head of the Supreme Court and Constitutional Law practice group at Baker Botts. He presented oral arguments for Halliburton in the Halliburton v. Erica P. John Fund case that the Court issued a...more

Supreme Court Refuses To Overturn Fraud-On-The-Market Presumption, But Adjusts Presumption To Allow Evidence of Absence Of “Price...

The securities class action industry was launched a quarter-century ago when the Supreme Court recognized the so-called “fraud-on-the-market” presumption of reliance in most putative securities class actions. The result has...more

Halliburton: Assessing Its Impact on Securities Class Actions

The Supreme Court declined to scrap the way in which securities class actions are typically brought in Halliburton Co. v. Erica P. John Fund, No. 13-317 (Decided June 23, 2014). At the same time it may have rewritten 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

New York City Bar Association Committee On Securities Litigation: Report on the Possible Impact of Halliburton II on Securities...

The U.S. Supreme Court's November 15, 2013 decision granting certiorari in Halliburton Co. and David Lesar v. Erica P. John Fund has captured the imagination of the securities bar and economists alike. At least one...more

Cybersecurity Securities Class Actions are Coming: Predictions, Analysis, and Practical Guidance

Last fall, I wrote about board oversight of cybersecurity and derivative litigation in the wake of cybersecurity breaches. I plan to update my thoughts later this year, after we see developments in the recently filed Target...more

Halliburton Watch: Let’s Start With The Basics

On March 5, 2014, the Supreme Court heard oral argument in the case Halliburton Co. v. Erica P. John Fund, Inc., Case No. 13-317, and we are certain our blog readers are eagerly awaiting the Court’s ruling. ...more

Sixth Circuit Affirms Dismissal of Securities Class Action for Failure to Properly Plead Scienter

On March 28, the US Court of Appeals for the Sixth Circuit affirmed a lower court’s dismissal of a shareholder class action against BioMimetic Therapeutics Inc., finding that plaintiffs had failed to sufficiently allege that...more

Securities Class Actions Receive Increased Scrutiny: District Court Applies “Stringent Standards” Of Dukes And Comcast To Deny...

The United States District Court for the Northern District of Texas recently denied certification of a putative securities law class after finding that plaintiff failed to put forth actual facts showing adequacy and...more

Texas District Court Denies Class Certification in IPO Securities Suit

The US District Court for the Northern District of Texas recently denied class certification for a securities action arising from alleged false and misleading statements in Kosmos Energy Limited’s initial public offering....more

Settlement Trends in Securities Class Actions

The future of securities class actions may hinge on the decision of the Supreme Court in Halliburton Co. V. Erica P. John Fund, Inc., No. 13-317 which is expected to be handed down by the end of the current term on June 30,...more

Back to Basic? Big Changes Could Be Coming to a Securities Class Action Near You

Earlier this month, the Supreme Court heard the highly-anticipated oral argument in Hallburton Co. v. Erica P. John Fund, Inc. Prior to the argument, there was a growing consensus that the Court was likely going to overturn...more

Changing Cost Trends In Class Actions

In 2013, Justice Belobaba released five decisions that addressed legal principles relating to awards of costs on class action certification motions. These cases sent a clear message to the class action bar: “[a]ccess to...more

The Supreme Court Ponders The Future Of The Basic Presumption In Securities Litigation

The Supreme Court recently heard oral argument in Halliburton Co. v. Erika P. John Fund, Inc. in advance of what could be the most important decision affecting securities litigation in recent history. The outcome of the...more

This Week In Securities Litigation (Week ending March 14, 2014)

The Supreme Court agreed to hear another securities class action case next term. The issue to be considered is whether tolling applies to a statute of repose, Securities Act Section 13....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

Justices Signal Interest In Middle-Ground Approach To Adjusting Fraud-On-The-Market Presumption

On March 5, 2014, the U.S. Supreme Court heard oral argument in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317. In this closely watched case, Halliburton has asked the Court to overrule the fraud-on-the-market...more

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