Consequences of Halliburton II and The Price-Impact Rule in 2015
In June 2014, the Supreme Court decided sensibly, in Halliburton Co. v. Erica P. John Fund, Inc. (Halliburton II), not to over-rule the 'fraud-on-the-market' presumption of reliance established in 1988. Despite the media frenzy surrounding this case, the consequences won't be very significant in most securities class actions. The decision of the Court focused upon the defendants’ rebuttal argument that plaintiffs must show that alleged misrepresentations affected the market price of a stock as a pre-requisite for the presumption of reliance. The consequence may be an increased willingness and ability of defendants to fight class certification in securities fraud suits. Hence, potential defendants should be ready to challenge plaintiffs who bring specious claims, whether on an individual, class, or mass basis.
In this LIVE webcast, our panel of key thought leaders and practitioners assembled by The Knowledge Group will review and discuss the Consequences of Halliburton II and The Price-Impact Rule in 2105.
Key Issues Included:
- Halliburton Co. v. Erica P. John Fund, Inc.
- Basic to The Fraud-on-the-Market Presumption
- The Price Impact Rule
- Halliburton II and Securities Litigation
- Class Certification Disputes in Securities Fraud Actions
- Effect Upon Class Actions Filers
- Regulatory Changes and Consequences
Mark Rifkin, Partner
Wolf Haldenstein Adler Freeman & Herz LLP
- Plaintiff’s lawyer
Michael McConnell, Partner
- Has decision on Halliburton made a difference?
- Of 40 or so cases citing it, only a handful cite these issues
Who Should Attend:
- Securities Lawyers
- Attorneys Defending Class Actions
- Litigation Officers
- Legal Consultants
- Corporate Executives
- General Counsel
- Senior Management
- Business Lawyers
- Securities Markets
- Other interested Professionals
Mike McConnell has extensive complex litigation experience regarding many types of business disputes, with special emphasis on securities litigation, corporate governance matters and internal investigations. These include securities fraud class actions, investigations and inquiries by the Securities and Exchange Commission, derivative cases, proxy fraud litigation, and other matters that are often ancillary to shareholder litigation, including shareholder inspection actions, disputes under shareholder voting agreements, internal corporate investigations, and other special committee matters. Mike leads the Securities Litigation and SEC Enforcement Practice in the Atlanta office for Jones Day.
Mike's recent representations include defending Rayonier Inc. in securities litigation, WL Ross & Co. and certain current and former officers and directors of International Textile Group (ITG) in class and derivative shareholder litigation arising from the merger of ITG and Safety Components International; defending Attachmate Corporation in connection with shareholder litigation filed in Delaware and Massachusetts challenging its acquisition of Novell Corporation; defending officers and directors of Georgia Gulf Corporation in shareholder litigation filed in Georgia challenging the board's rejection of a merger proposal by a third-party bidder; defending former officers and directors of Security Bank of Bibb County in an action filed by the FDIC; and defending members of a Special Committee of BlueLinx Holdings in connection with shareholder litigation filed in Delaware, Georgia, and New York challenging a tender offer proposed by private equity investor.
Mike McConnell has extensive complex litigation experience regarding many types of business disputes, with special emphasis on securities litigation, corporate …
Mark C. Rifkin is a partner of Wolf Haldenstein Adler Freeman & Herz LLP in New York City. An experienced securities class action and shareholder rights litigator, Mr. Rifkin has recovered hundreds of millions of dollars for victims of corporate fraud and abuse in federal and state litigation across the country. Since 1990, Mr. Rifkin has served as lead counsel, co-lead counsel, or trial counsel in many class and derivative actions in securities, intellectual property, ERISA, antitrust, insurance, consumer and mass tort litigation throughout the country. Mr. Rifkin has extensive trial experience. Over the past thirty years, he has tried many complex commercial actions in federal and state courts across the country. Mr. Rifkin also has extensive appellate experience. Over thirty years, he has argued dozens of appeals on behalf of appellants and appellees in several federal appellate courts, and in the highest appellate courts in New York, Pennsylvania, New Jersey, and Delaware. Mr. Rifkin has earned the AV®-Preeminent rating by Martindale-Hubbell® for more than 20 years, and has been selected for inclusion in the New York Metro Super Lawyers® listing since 2010. In 2014, Mr. Rifkin was named a “Titan of the Plaintiff’s Bar” by Law360®.
Mr. Rifkin is admitted to practice in New York, Pennsylvania, and New Jersey, and before the United States Supreme Court and many other federal appellate and district courts. Mr. Rifkin frequently lectures to business and professional organizations on a variety of securities, shareholder, intellectual property, and corporate governance matters. Mr. Rifkin is a guest lecturer to graduate and undergraduate economics and finance students on corporate governance and financial disclosure topics. He also serves as a moot court judge for the A.B.A. and New York University Law School. Mr. Rifkin appears frequently in print and broadcast media on law-related topics in corporate, securities, intellectual property, antitrust, regulatory, and enforcement matters. He is a graduate of Princeton University and Villanova University School of Law.
Mark C. Rifkin is a partner of Wolf Haldenstein Adler Freeman & Herz LLP in New York City. An experienced …
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Areas of Professional Practice
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About Jones Day
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About Wolf Haldenstein Adler Freeman & Herz LLP
Founded in 1888, Wolf Haldenstein Adler Freeman & Herz LLP is a full service law firm specializing in complex litigation in federal and state courts nationwide. The firm practice groups include pension/benefits, corporate/tax, real estate, trusts and estates, healthcare, bankruptcy, limited partnerships, and civil and commercial litigation. The Firm has a particular specialty in complex class action litigation – including consumer, antitrust, shareholder, ERISA litigation, and biotechnology – under both federal and state law.
Wolf Haldenstein’s total practice approach distinguishes it from other firms. Our longstanding tradition of a close attorney/client relationship ensures that each one of our clients receives prompt, individual attention and does not become lost in an institutional bureaucracy. Our team approach is at the very heart of Wolf Haldenstein’s practice. All of our lawyers are readily available to all of our clients and to each other. The result of this approach is that we provide our clients with an efficient legal team having the broad perspective, expertise and experience required for any matter at hand. We are thus able to provide our clients with cost effective and thorough counsel focused on our clients’ overall goals.