Fraud-On-The-Market And Class Certification

Law360, New York (November 10, 2008, 12:00 AM EST) -- Over the last several years, an increasing number of circuits have held that, when a plaintiff seeks class certification for a securities fraud action, the courts are to make factual findings regarding each element of Rule 23, including whether individual facts will predominate and class certification must therefore be denied for failure to satisfy Rule 23(b)(3) of the Federal Rules of Civil Procedure. See, e.g., In re Public Offerings Securities Litigation, 471 F.30 24, 38-39 (2nd Cir. 2006) (citing cases).

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