Highlights from the Oral Argument in Halliburton v. Erica P. John Fund
Last month, in Arkansas Teachers Retirement System v. Goldman Sachs Group, Inc., the Second Circuit vacated the Southern District of New York’s order certifying a class in a Rule 10b-5 securities fraud class action. At issue...more
2016 was an active year in securities litigation. In the first half of 2016 alone, plaintiffs filed 119 new federal class action securities cases. It was also a busy year for SEC enforcement proceedings, with a record 868...more
In so-called “price maintenance” securities fraud cases, plaintiffs argue that a misrepresentation that does not cause a stock’s price to rise can nevertheless be actionable under Section 10(b) of the Securities Exchange of...more
In IBEW Local 98 Pension Fund v. Best Buy Co., Inc., No. 14-3178 (8th Cir. Apr. 12, 2016), the United States Court of Appeals for the Eighth Circuit held, in a Rule 10b-5 securities fraud action, that the district court...more
A high-profile class action against Barclays over so-called high-frequency trading is heading into a key phase this month, with the court set to decide plaintiffs’ motion for class certification—a pivotal moment in the case’s...more
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
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
In June 2014, the Supreme Court issued its decision in Halliburton Co. v. Erica P. John Fund Inc. (“Halliburton II”), a putative class action in which Halliburton investors alleged that the company made misrepresentations...more
In This Issue: - Those Who Provide Investment Advice on Unsecured Securities Are Subject to Class Actions - A “Mass Action” Under the Class Action Fairness Act Requires at Least 100 Individual Plaintiffs ...more
In June of this year, the U.S. Supreme Court ruled that a defendant can rebut the presumption of reliance at the class certification stage of a securities fraud class action by showing that the alleged misstatement did not...more
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
In Local 703 v. Regions Financial Corp., No. 12:14168 (Aug. 6, 2014), the Eleventh Circuit reviewed the certification of a securities fraud class action brought by investors against Regions for allegedly misrepresenting its...more
Securities fraud class actions tend to be battles that come to a head at the class certification stage. If the plaintiff group can certify a class, a large settlement often follows. If class certification fails, the case...more
Halliburton v. Erica P. John Fund Decision: Aaron Streett, who argued the Halliburton v. Erica P. John Fund, Inc. case in the Supreme Court, spoke about the decision. The Court declined to overrule the efficient...more
In this issue: - Recent Supreme Court Decisions Revise Rules for Stock Drop Cases - Hobby Lobby and the Questions Left Unanswered - Post-Amara Landscape Continues to Evolve - Supreme Court to...more
On July 16, the New York State Bar Association’s Securities Regulation Committee held a meeting to discuss three of the recent developments in securities regulation. The first discussion focused on the Supreme Court’s June...more
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
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
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
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
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
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
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
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
In this issue: - Delaware Fee-Shifting Legislation Delayed - SEC Orders Securities Exchanges and FINRA to Develop Tick Size Pilot Plan - CFTC Extends Relief to FCMs from Certain Commingling Requirements ...more