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Loss Causation and Class Certification

The Supreme Court granted certiorari in a significant securities case on Friday. Erica P. John Fund, Inc. v. Halliburton Co , No. 09-1403. The question the Court agreed to consider focuses on whether plaintiffs in a securities fraud class action must prove loss causation at the class certification...

Supreme Court Reverses Fifth Circuit in Halliburton Case; Proof of Loss Causation Not Required At Class Certification Stage

As many observers had expected, the U.S. Supreme Court has reversed the Fifth Circuit's opinion in the Halliburton case. In a brief June 6, 2011 opinion from Chief Justice John Roberts , writing for a unanimous court, the Court held that securities class action lawsuit plaintiffs do not need...

Basic, Dura and Class Certification: The Halliburton Decision

Plaintiffs in a securities class action are not required to prove loss causation as part of the class certification process, the Supreme Court held in a unanimous decision handed down on Monday. Erica P. Hon Fund, Inc. v. Halliburton Co., No. 09-1403 (Decided June 6, 2011) [ the enhanced version of...

High Court Asked to Decide Whether Securities Suit May Proceed as a Class Action

WASHINGTON, D.C. - (Mealey's) A shareholder plaintiff and a pharmaceutical company debated in front of the U.S. Supreme Court on Nov. 5 whether a securities lawsuit may proceed as a class action even if the plaintiff is unable to plead materiality ( Amgen Inc., Kevin W. Sharer, Richard D. Nanula...

Materiality No Prerequisite to Class Certification in Securities Suit, Court Says

WASHINGTON, D.C. - (Mealey's) Materiality is not a prerequisite to class certification in a securities class action lawsuit where the plaintiffs are seeking monetary damages for alleged violations of Sections 10(b) of the Securities Exchange Act of 1934 and Securities and Exchange Commission Rule...

U.S. Supreme Court Rules Securities Class Action Plaintiffs Need Not Prove Materiality for Class Certification

In a much anticipated ruling in the Amgen securities class action litigation, the U.S. Supreme Court, in a 6-3 majority opinion written by Justice Ginsburg, held that a securities plaintiff is not required to prove that the allegedly misleading statements are material as a prerequisite to class certification...

Amgen: One Step Closer to Re-Examining the Fraud-On-the-Market Presumption of Reliance

by Jonathan Eisenberg Excerpt: Plaintiffs in securities fraud cases rely on the fraud-on-the-market presumption of reliance to obtain class certification. As the Supreme Court recently stated in Amgen Inc. v. Connecticut Retirement Plans, No. 11-1085, slip op. at 5-6 (Feb. 27, 2013) (hereinafter...