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Securities Regulation, Keyed to Choi
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 3, 1999, and December 7, 2001, Halliburton Company allegedly made a series of material misrepresentations to the market concerning three key areas: its potential liability in asbestos litigation, expected revenue from certain construction contracts, and anticipated benefits from its merger with another company. EPJ Fund, representing a class of investors who purchased Halliburton common stock during this period, contended that these misrepresentations were made to artificially inflate the company’s stock price. When Halliburton subsequently made corrective disclosures revealing the true state of affairs, the stock price dropped significantly, causing economic losses to investors who had purchased shares at the inflated prices. EPJ Fund sought to certify a class action under Rule 23(b)(3), invoking the Basic presumption of reliance based on the fraud-on-the-market theory.
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