News & Analysis as of

Securities Litigation Fraud Supreme Court of the United States

Sheppard Mullin Richter & Hampton LLP

Supreme Court Limits SEC’s Enforcement Power to Penalize Fraud

In Securities and Exchange Commission v. Jarkesy, No. 22-859, 2024 WL 3187811 (U.S. June 27, 2024), the United Stated Supreme Court (Roberts, C.J.) held that when the Securities and Exchange Commission (“SEC”) seeks civil...more

Cornerstone Research

SEC Enforcement of Cryptocurrency Reaches a New High

Cornerstone Research on

More than 50% increase in SEC cryptocurrency-related enforcement actions in 2023 over 2022. The Securities and Exchange Commission (SEC) continues to view cryptocurrency-related enforcement as a top priority, bringing 46...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week in Review

Tennessee Chancery Court Denies Motion to Dismiss $164 Million RMBS Suit Brought by Tennessee Pension Fund - On May 24, 2016, Chancellor Carol L. McCoy of the Chancery Court for Davidson County, Tennessee, declined to...more

Wilson Sonsini Goodrich & Rosati

Supreme Court Declines to Overrule the Presumption of Reliance in Securities Class Actions - Halliburton Co. v. Erica P. John...

Yesterday, the United States Supreme Court issued its much-anticipated decision in Halliburton Co. v. Erica P. John Fund, Inc. Halliburton called into question the very foundation of a securities class action—the presumption...more

Orrick, Herrington & Sutcliffe LLP

Fraud-on-the-Market Lives On: Halliburton Co. v. Erica P. John Fund, Inc.

On June 23, 2014, the U.S. Supreme Court issued its second decision in Halliburton Co. v. Erica P. John Fund, Inc., __U.S. __(2014), 2014 WL__ (U.S. June 23, 2014) ("Halliburton II"). In this widely anticipated decision, the...more

Morgan Lewis

Halliburton II Upholds Basic Presumption

Morgan Lewis on

The Supreme Court upholds the fraud-on-the-market presumption but allows defendants to rebut the presumption at the class certification stage. On June 23, the U.S. Supreme Court issued its long-anticipated decision in...more

Morrison & Foerster LLP

Beyond Basic: Supreme Court’s Halliburton Ruling Strengthens Defenses in Securities Fraud Class Actions

Today, the Supreme Court issued its ruling in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317 (U.S. June 23, 2014), the most anticipated securities decision since its landmark ruling over 25 years ago in Basic, Inc....more

Ballard Spahr LLP

Supreme Court Provides New Ammunition for Defeating Securities Fraud Class Actions

Ballard Spahr LLP on

The U.S. Supreme Court today gave companies new ammunition to defeat securities fraud class actions. In Halliburton v. Erica P. John Fund, the Court held that defendants can, at the preliminary class certification stage,...more

Dorsey & Whitney LLP

Halliburton: Assessing Its Impact on Securities Class Actions

Dorsey & Whitney LLP on

The Supreme Court declined to scrap the way in which securities class actions are typically brought in Halliburton Co. v. Erica P. John Fund, No. 13-317 (Decided June 23, 2014). At the same time it may have rewritten the...more

Cozen O'Connor

Back to Basic? Big Changes Could Be Coming to a Securities Class Action Near You

Cozen O'Connor on

Earlier this month, the Supreme Court heard the highly-anticipated oral argument in Hallburton Co. v. Erica P. John Fund, Inc. Prior to the argument, there was a growing consensus that the Court was likely going to overturn...more

Cadwalader, Wickersham & Taft LLP

Halliburton Co. v. Erica P. John Fund, Inc.: Assessing Possible Modifications To Basic And The Fraud-On-The-Market Theory

Securities class action lawsuits have long been a fact of life for public companies traded on a U.S. exchange. Since 1997, plaintiffs have filed more than 3,200 securities fraud lawsuits that have resulted in approximately...more

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