New Discovery Stay Questions Arise Post-Halliburton

Law360, New York (August 8, 2014, 9:42 AM EDT) -- Securities class action defendants hoping to put off costly merits discovery, and to possibly avoid merits discovery altogether, may have found an ally in the U.S. Supreme Court’s recent decision in Halliburton Co. et al. v. Erica P. John Fund (“Halliburton II”).

In its unanimous June 23, 2014, decision, the Supreme Court in Halliburton II held that defendants in “fraud-on-the-market” cases must be permitted — before class certification — to rebut the presumption of reliance by presenting “evidence showing that the alleged misrepresentation[s] did not actually affect the stock’s market price.” The debate over whether this decision falls into the “win”...

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