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Supreme Court reaffirms “fraud-on-the-market” presumption in securities fraud class actions

Supreme Court reaffirms “fraud-on-the-market” presumption in securities fraud class actions Purpose– To explain the Supreme Court’s recent decision in Halliburton Co. v. Erica P. John Fund, Inc. and its implications for private class action litigation under the federal securities laws. Design/methodology/approach– Explains the background on the Halliburton decision, including the prior case history and key precedents, analyzes the key reasoning and holdings of the decision, and discusses the implications of the decision and how it will impact private class actions brought under the securities laws. Findings– While there was considerable pontification in the bar that the Halliburton case might provide a vehicle to curtail many class actions brought under the securities laws, the Halliburton decision left prior law and practice largely intact, but provides defendants in such cases a tool to challenge viability of lawsuits in certain circumstances. Originality/value– Practical guidance from experienced securities litigators. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Investment Compliance Emerald Publishing

Supreme Court reaffirms “fraud-on-the-market” presumption in securities fraud class actions

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
1528-5812
DOI
10.1108/JOIC-09-2014-0041
Publisher site
See Article on Publisher Site

Abstract

Purpose– To explain the Supreme Court’s recent decision in Halliburton Co. v. Erica P. John Fund, Inc. and its implications for private class action litigation under the federal securities laws. Design/methodology/approach– Explains the background on the Halliburton decision, including the prior case history and key precedents, analyzes the key reasoning and holdings of the decision, and discusses the implications of the decision and how it will impact private class actions brought under the securities laws. Findings– While there was considerable pontification in the bar that the Halliburton case might provide a vehicle to curtail many class actions brought under the securities laws, the Halliburton decision left prior law and practice largely intact, but provides defendants in such cases a tool to challenge viability of lawsuits in certain circumstances. Originality/value– Practical guidance from experienced securities litigators.

Journal

Journal of Investment Compliance – Emerald Publishing

Published: Oct 28, 2014

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