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High Court Will Have To Resolve Circuit Split On Class Certification In Securities Fraud Cases

The Ninth Circuit joined the Third and the Seventh in concluding that at the class certification stage plaintiffs in a securities fraud damage action need not prove materiality to utilize the fraud-on-the market. Three other circuits take a contrary view. The Circuit Court also held that the district...

The Week In Securities Litigation: Supreme Court Hears Significant Securities Case, SEC Files 3 Actions

The Supreme Court heard argument in a significant securities case this week. The question the High Court will resolve later this term is whether a securities law plaintiff relying on the fraud-on-the-market theory must, at the class certification stage, prove that the claimed misstatements were material...