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Supreme Court to decide whether class certification in a securities fraud case requires proof of loss causation
- Edwards Wildman Palmer LLP
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- USA
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- February 11 2011
In Basic Inc. v. Levinson, 485 U.S. 224 (1988), the Supreme Court held that in a federal securities fraud class action, if the plaintiff proves that the defendant’s shares are publicly traded on an efficient, well developed market and that the plaintiff purchased shares of the defendant after the defendant made material false representations and before the truth about these misrepresentations was revealed, then a rebuttable presumption arises that the plaintiff relied on the defendant’s misrepresentations in purchasing the shares
Recent decisions hold that the Supreme Court’s Janus decision does not bar Rule 10b-5 claims against corporate officers
- Edwards Wildman Palmer LLP
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- USA
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- August 26 2011
SEC Rule 10b-5, 17 CFR 240.10b-5, makes it is unlawful for “any person, directly or indirectly to make any untrue statement of a material fact” (emphasis added) in connection with the sale or purchase of securities and implicitly provides a private right of action against a person who makes a statement that violates the rule
Janus held to protect executives' internal false reportsat the direction of superiorsagainst Rule 10b-5 liability for false statements, but not against Rule 10b-5 liability for deceptive conduct
- Edwards Wildman Palmer LLP
- -
- USA
- -
- September 9 2011
SEC Rule 10b-5(b), 17 CFR 240.10b-5(b), makes it unlawful for “any person, directly or indirectly to make any untrue statement of a material fact” (emphasis added) in connection with the sale or purchase of securities and implicitly provides a private right of action against a person who makes a statement that violates the rule
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- Firm Name - Edwards Wildman Palmer LLP
- Jurisdiction - USA
- Workarea - Litigation
- Workarea - Capital Markets
- Author - David M. Simon