April 14, 2016

Eighth Circuit Holds Presumption of Reliance Rebutted Under Halliburton II and Reverses Class Certification in Securities Action

订阅

Jump to...

 
On April 12, 2016, in IBEW Local 98 Pension Fund v. Best Buy Co., No. 14-3178, slip. op. (8th Cir. Apr. 12, 2016), the United States Court of Appeals for the Eighth Circuit became the first Court of Appeals to hold that a defendant had rebutted Basic’s presumption of reliance by showing lack of price impact pursuant to the U.S. Supreme Court’s decision in Halliburton II.   More specifically, the Best Buy court rejected Plaintiffs’ contention that alleged misrepresentations had artificially maintained stock prices, even though Plaintiffs alleged a subsequent corrective disclosure had led to a significant stock-price decline.  The decision makes clear that lack of price impact remains a significant avenue of attack in the class certification context – at least in the Eighth Circuit, and with the right set of facts.

View full memo, Eighth Circuit Holds Presumption of Reliance Rebutted Under Halliburton II and Reverses Class Certification in Securities Action

Authors and Contributors

Stuart J. Baskin

返聘高级顾问

诉讼

+1 212 848 4974

+1 212 848 4974

纽约

Matthew L. Craner

合伙人

诉讼

+1 212 848 5255

+1 212 848 5255

纽约

Agnès Dunogué

合伙人

诉讼

+1 212 848 5257

+1 212 848 5257

纽约

H. Miriam Farber

Knowledge Management Attorney

诉讼

+1 212 848 5156

+1 212 848 5156

纽约

Stephen Fishbein

合伙人

诉讼

+1 212 848 4424

+1 212 848 4424

纽约

Jerome S. Fortinsky

合伙人

诉讼

+1 212 848 4900

+1 212 848 4900

纽约

Alan S. Goudiss

合伙人

诉讼

+1 212 848 4906

+1 212 848 4906

纽约

John Gueli

合伙人

诉讼

+1 212 848 4744

+1 212 848 4744

纽约

Adam Hakki

合伙人

诉讼

+1 212 848 4924

+1 212 848 4924

纽约

Daniel H.R. Laguardia

合伙人

诉讼

+1 415 616 1114

+1 415 616 1114

+1 212 848 4731

+1 212 848 4731

旧金山

Christopher L. LaVigne

合伙人

诉讼

+1 212 848 4432

+1 212 848 4432

纽约

Daniel Lewis

合伙人

诉讼

+1 212 848 8691

+1 212 848 8691

纽约

John A. Nathanson

合伙人

诉讼

+1 212 848 8611

+1 212 848 8611

纽约

Jeffrey J. Resetarits

合伙人

诉讼

+1 212 848 7116

+1 212 848 7116

纽约

William J. F. Roll, III

General Counsel

诉讼

+1 212 848 4260

+1 212 848 4260

纽约

Richard F. Schwed

合伙人

诉讼

+1 212 848 5445

+1 212 848 5445

纽约

Patrick D. Robbins

合伙人

诉讼

+1 415 616 1210

+1 415 616 1210

旧金山

Mark D. Lanpher

合伙人

诉讼

+1 202 508 8120

+1 202 508 8120

华盛顿特区

高 致远

合伙人

诉讼

+1 212 848 7140

+1 212 848 7140

+86 21 6136 5000

+86 21 6136 5000

纽约

业务