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Supreme Court Preserves Fraud-On-the-Market Presumption in Securities Fraud Litigation
The U.S. Supreme Court recently issued its long-awaited decision in Halliburton v. Erica P. John Fund, Inc., and the result was very much in line with the forecasts of those who predicted a kind of split decision: The Court provided securities fraud defendants with a significant weapon to use in opposing class certification, but declined to jettison the fraud-on-the-market theory that has served as the basis for securities class actions for the past 25 years.
Despite the urging of Halliburton and its supporters, the Court did not overturn Basic Inc. v. Levinson, 485 U.S. 224 (1988), which conferred on plaintiffs the benefit of a presumption that all purchasers of stock trading in an efficient market relied on any alleged misrepresentation, because public securities markets are presumed to digest and thus reflect all publicly available, material information.
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