Morrison Foerster is an international law firm with lawyers practicing throughout the United States, Asia, and Europe. Click to discover more.

mofo_share_image.jpg

Morrison Foerster

favicon.ico

favicon-16x16.png

favicon-32x32.png

apple-touch-icon.png

MoFo Favicons

Terms / Notices

Cookies

Privacy Policy

Attorney Advertising

Secure Login

Alumni

  Facebook

MoFo Facebook

  Linkedin

MoFo LinkedIN

Twitter

MoFo Twitter

YouTube

MoFo Youtube

Morrison Foerster - Footer

You have not solved the recaptcha challenge yet or session expired, try again.

Disclaimer

Unsolicited e-mails and information sent to Morrison & Foerster will not be considered confidential, may be disclosed to others pursuant to our <a href="https://www.mofo.com/about/privacy-policy.html">Privacy Policy</a>, may not receive a response, and do not create an attorney-client relationship with Morrison & Foerster. If you are not already a client of Morrison & Foerster, do not include any confidential information in this message. Also, please note that our attorneys do not seek to practice law in any jurisdiction in which they are not properly authorized to do so.

Feedback

mofo-logo-2022.svg

People

Capabilities

Resources

About

Culture

Offices

Careers

Stay Connected

James Beha and Judson Lobdell authored an article for the Daily Journal discussing the upcoming U.S. Supreme Court case Goldman Sachs Group Inc. v. Arkansas Teacher Retirement System, where the court will address the application of

High Court to Again Address Class Cert in Securities Fraud Cases

About Morrison Forester

people-default-header-desktop.jpg

people-default-header-mobile.jpg

Default Meta Data

James Beha and Judson Lobdell authored an article for the Daily Journal discussing the upcoming U.S. Supreme Court case Goldman Sachs Group Inc. v. Arkansas Teacher Retirement System, where the court will address the application of the Basic presumption during class certification.“Reliance on an alleged misrepresentation when entering into a securities transaction is an essential element of a federal securities fraud claim,” the authors wrote. “As a result, securities fraud lawsuits cannot be certified as class actions unless the plaintiffs can show that the reliance element can be proven on a class-wide basis. To do so, plaintiffs generally seek to invoke the ‘fraud-on-the-market’ presumption of class-wide reliance recognized in Basic Inc. v. Levinson, 485 U.S. 224 (1988). Under the Basic presumption, a plaintiff is presumed to rely on a statement if it is incorporated in the market price when the plaintiff buys the stock. In essence, Basic held that a misrepresentation that distorts a stock’s market price operates as a ‘fraud on the market.’”Read the <a href="https://media2.mofo.com/v3/assets/blt5775cc69c999c255/blt71b86b146cc79ca8/6273ef79b5ad5f2863c5ad0b/210107-high-court-again.pdf" target="_blank">full article</a>.