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Business Associations Keyed to Diamond, 6th Ed.
Halliburton Co. v. Erica P. John Fund, Inc.
Citation:
573 U.S. 258, 134 S. Ct. 2398, 189 L. Ed. 2d 339 (2014)Facts
Between June 1999 and December 2001, Halliburton allegedly made a series of misrepresentations regarding its potential liability in asbestos litigation, expected revenue from construction contracts, and anticipated benefits of its merger with another company, all purportedly to inflate its stock price. EPJ Fund, representing investors who purchased Halliburton stock during this period, sought class certification for a securities fraud action. After the Supreme Court’s decision in Halliburton I rejected the Fifth Circuit’s requirement that plaintiffs prove loss causation at class certification, Halliburton attempted to defeat class certification by presenting evidence that its alleged misrepresentations had not actually affected its stock price. The lower courts rejected this attempt, holding that price impact evidence could only be considered at the merits stage, not during class certification. Halliburton then asked the Supreme Court to either overrule Basic’s presumption of reliance entirely or allow defendants to rebut the presumption at the class certification stage with evidence of no price impact.
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