Halliburton Co. v. Erica P. John Fund, Inc.
Supreme Court of the United States
1Opinion of the CourtChief Justice Roberts
Investors can recover damages in a private securities fraud action only if they prove that they relied on the defendant's misrepresentation in deciding to buy or sell a company's stock. In Basic Inc. v. Levinson, 485 U.S. 224, 108 S.Ct. 978, 99 L.Ed.2d 194 (1988), we held that investors could satisfy this reliance requirement by invoking a presumption that the price of stock traded in an efficient market reflects all public, material information-including material misstatements. In such a case, we concluded, anyone who buys or sells the stock at the market price may be considered to have…
Also in this document: Concurrence; Concurring in the judgment.
2Cases cited37 opinions
- Wal-Mart Stores, Inc. v. DukesSupreme Court of the United States · 2011
- Payne v. TennesseeSupreme Court of the United States · 1991
- Basic Inc. v. LevinsonSupreme Court of the United States · 1988
- Alexander v. SandovalSupreme Court of the United States · 2001
- TSC Industries, Inc. v. Northway, Inc.Supreme Court of the United States · 1976
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