Judgment Day for Fraud-on-the-Market: Reflections on Amgen and the Second Coming of Halliburton

31 Pages Posted: 2 Aug 2014

Date Written: July 16, 2014

Abstract

The Supreme Court has reaffirmed the "fraud on the market" presumption of reliance, facilitating large scale class actions for this kind of securities fraud. This essay traces the road from its decision last year in Amgen to this year's reaffirmation in Halliburton II, and considers some of the issues that will emerge as lower courts struggle with Halliburton II's secondary holding -- that the issue of "price impact" is crucial to class certification, even if the burden of proof is on the defendants.

Keywords: securities, fraud, litigation

JEL Classification: K20, K22, K29

Suggested Citation

Langevoort, Donald C., Judgment Day for Fraud-on-the-Market: Reflections on Amgen and the Second Coming of Halliburton (July 16, 2014). Arizona Law Review, Forthcoming. Available at SSRN: https://ssrn.com/abstract=2475036

Donald C. Langevoort (Contact Author)

Georgetown University Law Center ( email )

600 New Jersey Avenue, NW
Washington, DC 20001
United States
202-662-9832 (Phone)
202-662-9412 (Fax)

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