Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Saturday, November 16, 2013

SCOTUS Grants Cert in Halliburton v. Erica P. John Fund

The Supreme Court has granted Halliburton's petition for cert in Halliburton v. Erica P. John Fund.  Halliburton has petitioned the Court to address two questions:

1. Whether this Court should overrule or substantially modify the holding of Basic Inc. v. Levinson, 485 U.S. 224 (1988), to the extent that it recognizes a presumption of classwide reliance derived from the fraud-on-the-market theory.

2. Whether, in a case where the plaintiff invokes the presumption of reliance to seek class certification, the defendant may rebut the presumption and prevent class certification by introducing evidence that the alleged misrepresentations did not distort the market price of its stock.

As many commentators have noted, this case is one to watch.

http://lawprofessors.typepad.com/securities/2013/11/scotus-grants-cert-in-halliburton-v-erica-p-john-fund.html

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