Alaska Air Shareholder Proposes Waiver of FOM Presumption

Prof. Adam Pritchard (University of Michigan) reports that a shareholder in Alaska Air has submitted a proposal to the company under Rule 14a-8 to amend Alaska Air’s certificate of incorporation to provide for “a partial waiver of the ‘fraud on the market’ presumption of reliance created by the Supreme Court in Basic v. Levinson," an argument Adam sets forth in his recent article on Stoneridge.