Law360, New York (October 30, 2014, 10:17 AM EDT) -- In June of this year, the U.S. Supreme Court ruled that a defendant can rebut the presumption of reliance at the class certification stage of a securities fraud class action by showing that the alleged misstatement did not impact the company’s stock price. In Halliburton Co. v. Erica P. John Fund, 134 S. Ct. 2398 (2014), the court affirmed the “fraud on the market” theory of Basic Inc. v. Levinson, 485 U.S. 224 (1988), which held that classwide reliance can be presumed where material misrepresentations are publicly disseminated to an efficient market.
In the months since Halliburton, few cases have ventured...
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