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Expert Analysis

Plaintiff Takeaways From High Court's Goldman Ruling

By Marc Gross and Jeremy Lieberman (July 2, 2021, 5:06 PM EDT) -- On June 22, in Goldman Sachs Group Inc. v. Arkansas Teacher Retirement System, the U.S. Supreme Court rendered a decision critical to the future of federal securities fraud class actions.[1]

In an opinion authored by Justice Amy Coney Barrett, the court held that in determining whether allegedly misleading statements impacted stock prices, (1) a court should consider the "generic nature" of the statements by way of expert opinion, other empirical evidence and "common sense"; and (2) defendants bear the burden of persuasion to demonstrate that the statements had no impact on market prices.

While defendants have framed this as a big...

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