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reply brief and at oral argument. Debates about the precise degree to which stock prices accurately reflect public information are thus largely beside the point. "That the . . . price may be inaccurate does not detract from the fact that false statements affect it, and cause loss," which is "all that
286:
The academic debates discussed by
Halliburton have not refuted the modest premise underlying the presumption of reliance. Even the foremost critics of the efficient-capital-markets hypothesis acknowledge that public information generally affects stock prices. Halliburton also conceded as much in its
264:
A further attempt by
Halliburton to defeat class action was taken at the Court of Appeal in April 2013, and once again defeated. Undeterred Halliburton again petitioned the Supreme Court to reconsider this position. At stake was "one of the fundamental tenets of securities fraud litigation: a
249:
held that
Halliburton had discharged its burden of proof that alleged corrective disclosures had not resulted in any price impact for five, but not a sixth, corrective disclosure. Accordingly, a class action has been certified for the last instance.
295:," Halliburton has not identified the kind of fundamental shift in economic theory that could justify overruling a precedent on the ground that it misunderstood, or has since been overtaken by, economic realities.
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later tried to argue that a defendant in a securities fraud class action could introduce evidence of a lack of price impact at the class certification stage to show the absence of predominance.
269:." If this theory were unavailable, issues of individual shareholders' reliance would overshadow the common issues, and the class would not be eligible for certification under Rule 23 of the
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The Court now allows defendants "to present evidence before a class is certified showing that the alleged fraud had no effect on the price" movements."
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litigation will face additional hurdles and may be curbed, but not eliminated as result. with further restriction of law being dependent on the
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case in which the Court held that "securities fraud plaintiffs need not prove loss causation in order to obtain
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requires." Even though the efficient capital markets hypothesis may have "garnered substantial criticism since
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427:— the uncertain role of corrective disclosures at the class certification stage of securities fraud cases"
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See Reply Brief 13 ("market prices generally respond to new, material information"); Tr. of Oral Arg. 7.
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502:"Fifth Circuit Rejects Halliburton's Attempt to Defeat Class Certification With Price Impact Evidence"
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Securities fraud plaintiffs need not prove loss causation in order to obtain class certification.
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456:"Supreme Court Leaves Fraud On Market Intact, Makes Life A Bit Harder For Securities Plaintiffs"
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382:"Erica P. John Fund, Inc. v. Halliburton Co., No. 3:02-CV-1152-M | Casetext Search + Citator"
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over its alleged misrepresentation of facts material to the value of its stock price.
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Archdiocese of
Milwaukee Supporting Fund, Inc., Petitioner v. Halliburton Co., et al.
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The Erica P. John Fund, Inc. v. Halliburton
Company and David J. Lessar
233:." Their decision cleared the way for class action to proceed against
595:(October 27, 2013). "We'll Share the Honors, and Agree to Disagree".
477:"Supreme Court Curbs, but Doesn't Kill, the Shareholder Class Action"
460:
408:"Supreme Court's Decision in Erica P. John Fund v. Halliburton"
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United States
District Court for the Northern District of Texas
30:
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On June 23, 2014, the
Supreme Court affirmed the reasoning of
517:"A Push to End Securities Fraud Lawsuits Gains Momentum"
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853:
United States
Supreme Court cases of the Roberts Court
630:, 685 (7th Cir. 2010)., per Easterbrook, C. J.
362:
List of United States
Supreme Court cases, volume 563
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The
Harvard Law School Forum on Corporate Governance
603:("Of course, prices reflect available information").
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Skelly, George J.; Walz, Eric J. (August 13, 2015).
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541:"Shareholder Litigation Without Class Actions"
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515:Solomon, Steven Davidoff (October 15, 2013).
8:
335:"Erica P. John Fund, Inc. v. Halliburton Co"
723:Erica P. John Fund, Inc. v. Halliburton Co.
222:Erica P. John Fund, Inc. v. Halliburton Co.
24:Erica P. John Fund, Inc. v. Halliburton Co.
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18:2011 United States Supreme Court case
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665: (1997), unanimously overruling
299:Halliburton, in the subsequent case
692:Dickey, Jonathan (August 7, 2015).
444: (N.D. Tex. July 25, 2015).
796:. You can help Knowledge (XXG) by
790:Supreme Court of the United States
475:Barrett, Paul M. (June 23, 2014).
36:Supreme Court of the United States
14:
868:United States Supreme Court stubs
858:United States Supreme Court cases
733:804 (2011) is available from:
425:Erica P. John Fund v. Halliburton
301:Halliburton, Co. v. Erika P. John
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454:Fisher, Daniel (June 23, 2014).
317:Booth, Richard (June 25, 2014).
271:Federal Rules of Civil Procedure
29:
694:"Court Rules on Halliburton II"
848:2014 in United States case law
843:2011 in United States case law
406:James Wilson (June 20, 2011).
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225:, 563 U.S. 804 (2011), was a
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227:United States Supreme Court
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255:Securities class action
668:Albrecht v. Herald Co.
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279:Basic Inc. v. Levinson
259:United States Congress
651:State Oil Co. v. Khan
92:131 S. Ct. 2179; 180
43:Argued April 25, 2011
628:618 F.3d 679
116:Opinion announcement
112:Opinion announcement
45:Decided June 6, 2011
623:Schleicher v. Wendt
350:(1): 291–300. 2014.
267:fraud on the market
231:class certification
211:Roberts, joined by
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545:Arizona Law Review
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343:Harvard Law Review
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590:See, e.g.,
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235:Halliburton
195:Elena Kagan
837:Categories
368:References
64:Docket no.
648:Contrast
241:Aftermath
213:unanimous
94:L. Ed. 2d
74:Citations
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539:(2015).
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102:Argument
122:Holding
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