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In a three-ring circus — where the first is the motion to dismiss, the second is class certification, and the third is summary judgment — the Second Circuit Court of Appeals has introduced a new act in the second ring for...more
On December 28, 2023, Judge Zahid N. Quraishi of the United States District Court for the District of New Jersey granted class certification in a securities fraud class action, alleging violations of Section 10(b) of the...more
When corporate executives discuss important company news in SEC filings or on stock-analyst conference calls, they know their words will be scrutinized by listeners and the broader market. Misstatements could give rise to...more
In Short - The Situation: The United States Court of Appeals for the Second Circuit recently decertified a class of stockholders who alleged that Goldman Sachs maintained an inflated share price by making...more
On August 10, 2023, the United States Court of Appeals for the Second Circuit reversed the district court’s class certification order in a putative class action asserting claims under Section 10(b) of the Securities Exchange...more
On December 8, 2021, Judge Paul A. Crotty of the United States District Court for Southern District of New York granted a motion for class certification in a securities fraud class action against a global financial...more
Back in June, we analyzed the Supreme Court’s decision in Goldman Sachs Group v. Arkansas Teacher Retirement System, which examined the extent to which a corporation’s arguably generic public statements could form the basis...more
On June 21, 2021, the U.S. Supreme Court issued its opinion in Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System,1 vacating the 2nd Circuit’s previous decision and remanding for further consideration as to...more
In This Issue. The House of Representatives voted to pass a Congressional Review Act resolution repealing the Office of the Comptroller of the Currency’s (OCC) “true lender” rule; the Consumer Financial Protection Bureau...more
SCOTUS Vacates Class Certification In Suit Against Goldman Sachs And Clarifies Appropriate Scope Of Price Impact Evidence; Stockholders Strike $110 Million Settlement In Suit Alleging Breaches Of Fiduciary Duties By Former...more
On June 21, 2021, the United States Supreme Court issued its decision in Goldman Sachs Group Inc. v. Arkansas Teacher Retirement System, which provides important guidance for defendants seeking to rebut the presumption of...more
Defendants have historically faced an uphill battle to defeat class certification in securities-fraud class actions. The United States Supreme Court’s recent decision in Goldman Sachs Group, Inc. v. Arkansas Teacher...more
On June 21, 2021, the United States Supreme Court issued a decision in Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System, vacating a decision of the Second Circuit that affirmed certification of a securities...more
A decade of litigation in the Goldman Sachs securities fraud class action has ultimately revealed an unremarkable truth, confirmed by a unanimous U.S. Supreme Court – in a case brought under Rule 10b-5 premised on an...more
In April, we analyzed whether a corporation’s purely generic public statements on environmental, social and governance (“ESG”) issues could form the basis of a subsequent securities fraud action. At the time, we identified a...more
In a significant decision on securities class actions, the U.S. Supreme Court last week held that the generic nature of alleged misrepresentations will often be “important evidence of a lack of price impact” that can be used...more
The U.S. Supreme Court held that courts should consider the generic nature of a misrepresentation when assessing price impact in securities-fraud suits and that defendants bear the burden of persuasion to prove a lack of...more
In a closely followed case concerning class certification in securities fraud class actions, the U. S. Supreme Court has held that the generic nature of a company’s statements should be considered in determining whether such...more
On June 21, 2021, the Supreme Court issued its highly anticipated decision in Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System, No. 20-222. Goldman concerned the standards to be applied by courts when...more
In Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System, the U.S. Supreme Court answered two important questions regarding the standards that govern class certification in securities fraud actions, affirming the...more
On June 21, the U.S. Supreme Court issued a decision in Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System, a closely watched case involving the standards for class certification in securities class actions....more
On June 21, the U.S. Supreme Court issued its long-awaited decision in Goldman Sachs Group, Inc. et al. v. Arkansas Teacher Retirement System et al. The Court held that in ruling on class certification in a securities action,...more
In Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System, the US Supreme Court clarified that courts should consider all record evidence relevant to class certification, regardless of whether that evidence also...more
On June 21, 2021, the Supreme Court issued its decision in Goldman Sachs Group, Inc., et al. v. Arkansas Teacher Retirement System, et al. The case analyzes what the defendants considered were generic statements that did not...more
Monday, the Supreme Court issued its highly anticipated ruling in Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System, holding that the generic nature of an alleged misrepresentation may be important evidence of...more