Knowledge (XXG)

Erica P. John Fund, Inc. v. Halliburton Co.

Source 📝

782: 31: 287:
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. 852: 246: 501: 407: 307:
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 476: 455: 726: 672: 655: 574: 361: 86: 867: 857: 253:
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."
486: 847: 842: 257:
litigation will face additional hurdles and may be curbed, but not eliminated as result. with further restriction of law being dependent on the
823: 334: 789: 282:, saying that it was not espousing any particular theory of markets, only the presumption that false statements can affect the price: 226: 35: 540: 516: 270: 764: 570: 441: 422: 266: 816: 229:
case in which the Court held that "securities fraud plaintiffs need not prove loss causation in order to obtain
291:
requires." Even though the efficient capital markets hypothesis may have "garnered substantial criticism since
781: 693: 254: 667: 427:— the uncertain role of corrective disclosures at the class certification stage of securities fraud cases" 278: 258: 318: 730: 676: 659: 650: 612:
See Reply Brief 13 ("market prices generally respond to new, material information"); Tr. of Oral Arg. 7.
578: 78: 502:"Fifth Circuit Rejects Halliburton's Attempt to Defeat Class Certification With Price Impact Evidence" 862: 809: 381: 737: 170: 105: 597: 521: 342: 127:
Securities fraud plaintiffs need not prove loss causation in order to obtain class certification.
115: 456:"Supreme Court Leaves Fraud On Market Intact, Makes Life A Bit Harder For Securities Plaintiffs" 793: 382:"Erica P. John Fund, Inc. v. Halliburton Co., No. 3:02-CV-1152-M | Casetext Search + Citator" 536: 186: 162: 158: 746: 679: 592: 174: 150: 67: 237:
over its alleged misrepresentation of facts material to the value of its stock price.
836: 662: 481: 58:
Archdiocese of Milwaukee Supporting Fund, Inc., Petitioner v. Halliburton Co., et al.
230: 182: 142: 81: 627: 234: 194: 93: 755: 55: 437:
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" 247:
United States District Court for the Northern District of Texas
30: 276:
On June 23, 2014, the Supreme Court affirmed the reasoning of
517:"A Push to End Securities Fraud Lawsuits Gains Momentum" 797: 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
698:
The Harvard Law School Forum on Corporate Governance
603:("Of course, prices reflect available information"). 421:
Skelly, George J.; Walz, Eric J. (August 13, 2015).
207: 202: 131: 121: 111: 101: 73: 63: 49: 42: 23: 639:post, at 6 (THOMAS, J., concurring in judgment) 284: 541:"Shareholder Litigation Without Class Actions" 817: 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. 824: 810: 20: 765:Supreme Court (slip opinion) (archived) 373: 18:2011 United States Supreme Court case 7: 778: 776: 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 780: 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). 1: 225:, 563 U.S. 804 (2011), was a 788:This article related to the 500:Mark Friel (May 14, 2013). 227:United States Supreme Court 884: 775: 756:Oyez (oral argument audio) 319:"Opinion analysis: Son of 54:Erica P. John Fund, Inc., 136: 126: 28: 442: No. 3:02-cv-1152-M 255:Securities class action 668:Albrecht v. Herald Co. 297: 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 171:Ruth Bader Ginsburg 598:The New York Times 593:Shiller, Robert J. 545:Arizona Law Review 522:The New York Times 343:Harvard Law Review 265:doctrine known as 147:Associate Justices 805: 804: 489:on June 23, 2014. 218: 217: 875: 826: 819: 812: 784: 777: 769: 763: 760: 754: 751: 745: 742: 736: 709: 708: 706: 704: 689: 683: 646: 640: 637: 631: 625: 619: 613: 610: 604: 602: 588: 582: 567: 561: 560: 558: 556: 537:Webber, David H. 533: 527: 526: 512: 506: 505: 497: 491: 490: 485:. Archived from 472: 466: 465: 451: 445: 439: 433: 432:. Nixon Peabody. 431: 418: 412: 411: 403: 397: 396: 394: 392: 378: 351: 339: 330: 132:Court membership 33: 32: 21: 883: 882: 878: 877: 876: 874: 873: 872: 833: 832: 831: 830: 773: 767: 761: 758: 752: 749: 743: 740: 734: 718: 713: 712: 702: 700: 691: 690: 686: 647: 643: 638: 634: 621: 620: 616: 611: 607: 591: 589: 585: 568: 564: 554: 552: 535: 534: 530: 514: 513: 509: 499: 498: 494: 474: 473: 469: 453: 452: 448: 435: 429: 420: 419: 415: 405: 404: 400: 390: 388: 380: 379: 375: 370: 358: 337: 333: 316: 313: 311:Further reading 305:Halliburton ll, 245:On remand, the 243: 187:Sonia Sotomayor 185: 173: 163:Clarence Thomas 161: 159:Anthony Kennedy 97: 44: 38: 19: 12: 11: 5: 881: 879: 871: 870: 865: 860: 855: 850: 845: 835: 834: 829: 828: 821: 814: 806: 803: 802: 785: 771: 770: 738:Google Scholar 717: 716:External links 714: 711: 710: 684: 641: 632: 614: 605: 601:. p. BU6. 583: 581:___ (2014) 562: 528: 507: 504:. Stoll Berne. 492: 467: 446: 413: 398: 372: 371: 369: 366: 365: 364: 357: 354: 353: 352: 331: 327:scotusblog.com 312: 309: 242: 239: 216: 215: 209: 205: 204: 200: 199: 198: 197: 175:Stephen Breyer 151:Antonin Scalia 148: 145: 140: 134: 133: 129: 128: 124: 123: 119: 118: 113: 109: 108: 103: 99: 98: 91: 75: 71: 70: 65: 61: 60: 51: 50:Full case name 47: 46: 40: 39: 34: 26: 25: 17: 13: 10: 9: 6: 4: 3: 2: 880: 869: 866: 864: 861: 859: 856: 854: 851: 849: 846: 844: 841: 840: 838: 827: 822: 820: 815: 813: 808: 807: 801: 799: 795: 791: 786: 783: 779: 774: 766: 757: 748: 739: 732: 728: 724: 720: 719: 715: 699: 695: 688: 685: 681: 678: 674: 670: 669: 664: 661: 657: 653: 652: 645: 642: 636: 633: 629: 624: 618: 615: 609: 606: 600: 599: 594: 587: 584: 580: 576: 572: 566: 563: 550: 546: 542: 538: 532: 529: 524: 523: 518: 511: 508: 503: 496: 493: 488: 484: 483: 482:Business Week 478: 471: 468: 463: 462: 457: 450: 447: 443: 438: 434:, discussing 428: 426: 417: 414: 410:. LexisNexis. 409: 402: 399: 387: 383: 377: 374: 367: 363: 360: 359: 355: 349: 345: 344: 336: 332: 328: 324: 322: 315: 314: 310: 308: 306: 302: 296: 294: 290: 283: 281: 280: 274: 272: 268: 262: 260: 256: 251: 248: 240: 238: 236: 232: 228: 224: 223: 214: 210: 206: 201: 196: 192: 188: 184: 180: 176: 172: 168: 164: 160: 156: 152: 149: 146: 144: 141: 139:Chief Justice 138: 137: 135: 130: 125: 120: 117: 114: 110: 107: 106:Oral argument 104: 100: 95: 89: 88: 83: 80: 76: 72: 69: 66: 62: 59: 57: 52: 48: 41: 37: 27: 22: 16: 798:expanding it 787: 772: 722: 703:February 23, 701:. Retrieved 697: 687: 666: 649: 644: 635: 622: 617: 608: 596: 586: 565: 555:November 18, 553:. Retrieved 548: 544: 531: 520: 510: 495: 487:the original 480: 470: 459: 449: 436: 424: 416: 401: 391:February 22, 389:. Retrieved 386:casetext.com 385: 376: 347: 341: 326: 320: 304: 300: 298: 292: 288: 285: 277: 275: 263: 252: 244: 221: 220: 219: 212: 203:Case opinion 190: 183:Samuel Alito 178: 166: 154: 143:John Roberts 85: 53: 15: 863:Halliburton 682: (1968) 590:See, e.g., 321:Halliburton 235:Halliburton 195:Elena Kagan 837:Categories 368:References 64:Docket no. 648:Contrast 241:Aftermath 213:unanimous 94:L. Ed. 2d 74:Citations 721:Text of 551:(1): 203 539:(2015). 356:See also 208:Majority 102:Argument 122:Holding 68:09-1403 768:  762:  759:  753:  750:  747:Justia 744:  741:  735:  671:, 654:, 626:, 573:, 571:13-317 461:Forbes 440:, 193: 191:· 189:  181: 179:· 177:  169: 167:· 165:  157: 155:· 153:  792:is a 729: 675: 658: 577: 430:(PDF) 338:(PDF) 293:Basic 289:Basic 794:stub 731:U.S. 705:2024 677:U.S. 660:U.S. 579:U.S. 569:No. 557:2019 393:2024 87:more 79:U.S. 77:563 727:563 680:145 673:390 656:522 575:573 348:128 303:or 82:804 56:fka 839:: 725:, 696:. 549:57 547:. 543:. 519:. 479:. 458:. 384:. 346:. 340:. 325:. 273:. 261:. 96:24 825:e 818:t 811:v 800:. 707:. 663:3 559:. 525:. 464:. 423:" 395:. 329:. 323:" 90:) 84:(

Index

Supreme Court of the United States
fka
09-1403
U.S.
804
more
L. Ed. 2d
Oral argument
Opinion announcement
John Roberts
Antonin Scalia
Anthony Kennedy
Clarence Thomas
Ruth Bader Ginsburg
Stephen Breyer
Samuel Alito
Sonia Sotomayor
Elena Kagan
United States Supreme Court
class certification
Halliburton
United States District Court for the Northern District of Texas
Securities class action
United States Congress
fraud on the market
Federal Rules of Civil Procedure
Basic Inc. v. Levinson
"Opinion analysis: Son of Halliburton"
"Erica P. John Fund, Inc. v. Halliburton Co"
Harvard Law Review

Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.