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Lawyers Weigh In on High Court's Halliburton Ruling

Law360

June 23, 2014

Ken Racowski (Of Counsel-Philadelphia) was quoted in an article entitled, “Lawyers Weigh In on High Court's Halliburton Ruling,” in the June 23, 2014, issue of Law360. The article was prompted by the U.S. Supreme Court’s refusal in Halliburton Co. et al. v. Erica P. John Fund to overturn its Basic v. Levinson decision but ruled that securities defendants may rebut the fraud-on-the-market presumption of reliance before class certification. Ken summarized the decision as follows: “The Supreme Court opted to raise the bar for plaintiffs to obtain class certification by allowing defendants the opportunity to rebut the presumption of reliance at the class certification stage with direct evidence of a lack of price impact. As a result, direct evidence on the price impact of a misrepresentation such as event studies and expert testimony, which were typically conducted during the merits stage, will now likely occur prior to class certification.”

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