Supreme Court Upholds Fraud-on-the-Market Presumption, but Agrees Defendants May Rebut the Presumption at Class Certification

On June 23, the Supreme Court issued its much-anticipated decision in Halliburton Co. v. Erica P. John Fund, Inc. The Court upheld the fraud-on-the-market presumption as a means for securities-fraud plaintiffs to establish reliance on a class-wide basis, but gave securities-fraud defendants the ability to rebut the presumption at the class-certification stage.

Read more: Supreme Court Upholds Fraud-on-the-Market Presumption, but Agrees Defendants May Rebut the Presumption at Class Certification


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