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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.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.