Fraud-on-the-Market Theory: Significant Issues and Updates for 2014 and Beyond
Overview:In a two hour live webcast, a panel of thought leaders and practitioners assembled by The Knowledge Group will discuss the significant and latest issues related to the Fraud-on-the-Market (FOTM) Theory.
Key issues include that will be covered in this course are
- Fraud-on-the-Market Theory: an overview
- Relevant cases and court decisions
- Latest regulatory updates
- Guidance on how to use FOTM effectively
John E. Schreiber , Partner
Winston & Strawn LLP
How Plaintiffs establish fraud-on-the-market presumption – John Schreiber
- Legal requirements for establishing market efficiency (Cammer Factors)
- China Automotive
Jordan Milev, Ph.D., Vice President
NERA Economic Consulting
- Economic analysis of market efficiency
Deborah H. Renner, Partner
- The Halliburton decision is an effort to level the playing field for defendants at the class certification stage in securities cases, as it permits defendants to rebut the fraud-on-the-market presumption at class certification through price impact evidence.
- Halliburton brings securities class actions more in line with the rest of class action law, as it allows for the development of evidence at class certification, not allowing plaintiffs to simply rest on their pleadings.
- Halliburton seems to diminish the significance of the Court’s recent decision in Amgen, at least in securities class actions. In Amgen, the Court held that the question of the materiality of an alleged misrepresentation was a merits issue and could not be rebutted by a defendant at the class certification stage. With the decision in Halliburton, the battle at class certification will now be fought on price impact rather than materiality. However, Amgen’s analysis of the Rule 23 predominance requirement may remain problematic for defendants.
Michelle Reed , Partner
Akin Gump Strauss Hauer & Feld LLP
Haliburton II – Michelle Reed
- Roberts Majority
- Ginsberg Concurrence
- Thomas Concurrence
Michael J. McConnell , Partner
- Primer on Basic and the fraud on the market presumption
Who Should Attend:- Securities Attorneys
- General Counsel
- Business Lawyers
- Senior Management
John Schreiber, a litigation partner in Winston & Strawn’s New York and Los Angeles offices, was recently identified by Law360 as a “Rising Star” in the area of securities litigation. In addition to the defense of federal securities class actions, his practice areas focus on M&A-related litigation, corporate governance matters, class and derivative actions and insurance litigation. He has first-chair trial experience and has represented firm clients in a variety of industries, including commercial and investment banking, private equity, insurance, renewable energy, biotech, health care, pharmaceuticals, infrastructure and sports and entertainment.
John Schreiber, a litigation partner in Winston & Strawn’s New York and Los Angeles offices, was recently identified by Law360 …
Dr. Jordan Milev is a Vice President in NERA's Securities and Finance Practice. He has testified in both federal and state cases and consulted in a number of matters involving SEC and DOJ investigations, securities class action litigations, private-party disputes, and international arbitrations. He has opined on the materiality of disclosures and conducted event study analyses of price impact in numerous matters. He has analyzed market efficiency, including economic evidence regarding the applicability of the fraud-on-the-market presumption, in many complex securities class actions involving issuers in the US and cross-border litigations relating to issuers in Canada, China, Germany, India, Switzerland, and The Netherlands.
Dr. Jordan Milev is a Vice President in NERA's Securities and Finance Practice. He has testified in both federal and …
Deborah Renner chairs BakerHostetler's class action practice in New York. Deborah focuses her practice on complex commercial litigation, including the defense of consumer fraud, data breach, ERISA, and securities class actions. She defends companies in nationwide, multidistrict and state class actions. Deborah has defeated class certification in courts around the country and has won the dismissal of class claims at the outset of numerous actions. She frequently advises companies on class action defense and regulatory inquiries. Among Deborah’s areas of knowledge and experience, she is certified in information privacy. Deborah frequently speaks and writes on class action defense issues and strategies, and has taught class action law at Fordham University School of Law.
Deborah Renner chairs BakerHostetler's class action practice in New York. Deborah focuses her practice on complex commercial litigation, including the …
Michelle Reed is a partner in the litigation department of Akin Gump Strauss Hauer & Feld LLP, where she represents public companies, officers and directors in securities class actions, derivative lawsuits, M&A litigation, and adversary proceedings in federal and state court. Ms. Reed has successfully defeated class certification in proposed securities class actions and regularly defends allegations of accounting and financial fraud, insider trading, investment fund / advisor fraud, and FCPA violations. Ms. Reed also represents companies and company insiders in internal investigations and in enforcement actions by the SEC, FINRA, and the CFTC.
Ms. Reed has been recognized as a “Rising Star” in securities litigation by Texas Monthly and she currently serves as co-chair of the Derivative Suits Subcommittee of the American Bar Association’s Class Actions and Derivative Suits Committee.
Michelle Reed is a partner in the litigation department of Akin Gump Strauss Hauer & Feld LLP, where she represents …
Mike McConnell has extensive complex litigation experience regarding many types of business disputes, with special emphasis on securities litigation and corporate governance matters. The matters litigated 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's recent representations include defending 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 is a member a member of the board of directors of the March of Dimes (Georgia Chapter; chairman, 2012), the Midtown Atlanta Rotary Club (president, 2013-2014), and the Leadership Atlanta Class of 2007.
Mike McConnell has extensive complex litigation experience regarding many types of business disputes, with special emphasis on securities litigation and corporate governance …
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NASBA Field of Study:
Specialized Knowledge and Applications
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About Winston & Strawn LLP
Winston & Strawn LLP is an international law firm with more than 850 attorneys among 18 offices in Beijing, Brussels, Charlotte, Chicago, Geneva, Hong Kong, Houston, London, Los Angeles, Moscow, New York, Newark, Paris, San Francisco, Shanghai, Silicon Valley, Taipei, and Washington, D.C. For more than 160 years, Winston has served as a trusted adviser and advocate for clients across virtually every industry. In that time, through careful growth and thoughtful fiscal management, they have built a law practice with tremendous breadth and a global reach. Winston is proud of the many accolades they have received over the years—a tribute to their lawyers’ creativity, flexibility, depth of experience, and commitment. The most meaningful accolade, though, is the continued trust and confidence of their clients.
Visit winston.com if you would like more information about their legal services, experience, or the industries they serve.
About NERA Economic Consulting
NERA Economic Consulting (www.nera.com) is a global firm of experts dedicated to applying economic, finance, and quantitative principles to complex business and legal challenges. For half a century, NERA’s economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world’s leading law firms and corporations. With its main office in New York City, NERA serves clients from more than 25 offices across North America, Europe, and Asia Pacific.
BakerHostetler is among the nation's 100 largest law firms, with more than 900 attorneys in 14 offices nationwide. Our Class Action Defense team has decades of experience advising leading organizations in high-stakes, statewide, and nationwide class action litigation—from removal under the Class Action Fairness Act, to motions to dismiss, class certification proceedings, discovery, trial, settlement, and appeal. While class action defense is a procedural specialty, our team has specific subject matter expertise in a broad range of class actions, ranging from consumer fraud, banking, insurance securities and antitrust class actions, to false advertising, data privacy and ERISA class actions. BakerHostetler is at the cutting edge of the class action defense bar. Not only do we boast a highly informative class action defense blog, but our lawyers continue to represent clients on the most important class action issues of the day. We pride ourselves on working with our clients to find solutions to complex litigation issues and regulatory investigations. For more information, please visit our website at https://www.bakerlaw.com or contact Deborah Renner at firstname.lastname@example.org.
About Akin Gump Strauss Hauer & Feld LLP
Akin Gump Strauss Hauer & Feld LLP is a leading global law firm providing innovative legal services and business solutions to individuals and institutions. Amongst the world’s largest law firms, with more than 850 lawyers and professionals in 20 offices, the firm offers a level of client service that not only meets but anticipates clients’ needs and exceeds their expectations. From reputational defense of headline-makers to down- and midstream energy investments, from precedential class action dismissals to protection of terrorism’s victims, the firm serves clients in over 85 practices that range from the traditional, such as litigation and corporate, to the contemporary, such as climate change and national security. Akin Gump’s lawyers, many of them with years of experience in the boardroom, on the bench and in the halls of government, collaborate across borders and practice areas to provide comprehensive counsel.
About Jones Day
Jones Day is a global law firm with 41 offices in major centers of business and finance throughout the world. Its unique governance system fosters an unparalleled level of integration and contributes to its perennial ranking as among the best in the world in client service. Jones Day provides significant legal representation for almost half of the Fortune 500, Fortune Global 500, and FT Global 500. The Atlanta Office of Jones Day proudly traces its roots back to 1890. As part of a full-service office that has steadily grown to its present size of about 130 lawyers, Jones Day's Atlanta attorneys advise clients on the full range of issues relevant to leading corporations doing business in the southeastern United States and worldwide.