Securities Law

Fraud-on-the-Market Presumption of Reliance May Be Overruled

, The Legal Intelligencer


On Nov. 15, the U.S. Supreme Court granted Halliburton Co.'s second petition for writ of certiorari in the Erica P. John Fund v. Halliburton, No. 13-317, securities litigation, this time to consider whether to "overrule or substantially modify the holding of Basic v. Levinson, 485 U.S. 224 (1988), to the extent it allows a presumption of classwide reliance under the fraud-on-the-market theory," and, if the court does not overrule Basic, to decide whether a 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."

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