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2nd Circ. Clarifies Cert. Standard For Stock-Drop Actions

Law360, New York (January 16, 2018, 10:11 PM EST) -- A Second Circuit ruling that a judge applied the wrong standard of proof when certifying a class of shareholders accusing Goldman Sachs of fraud should help clarify the standard needed to rebut allegations that a company’s misstatements directly impacted its stock price, legal experts said Tuesday.

A panel of judges found that Goldman Sachs Group Inc. should get another opportunity to rebut claims that alleged misrepresentations by the bank impacted its stock price and led to $1 billion in shareholder losses in the Abacus collateralized debt...
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