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Expert Analysis

Testing Securities Market Efficiency With Cammer Factors

By David Tabak (February 5, 2019, 2:54 PM EST) -- Most securities class actions seek to achieve class certification through the fraud-on-the-market theory, which posits that if a security trades in an efficient market, investors can rely on the market price to incorporate the effects of any misrepresentation. If the market for the security is deemed to be efficient, investors need not individually prove that they read the material containing the misrepresentation in order to make a claim.[1]

Arguments that a security traded in an efficient market are usually made by appeal to the five Cammer[2] factors, and additional factors from both case law and academic literature. In general, there are...

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