Halliburton II and Fraud-on-the-Market Theory: Legal Challenges and Strategies Impacting Class Certification in 2020
Halliburton II continues to impact class certification in securities class action litigation years after the ruling’s release. However, because the Supreme Court did not address several issues on fraud-on-the-market presumption, trial courts grapple when faced with similar cases. Furthermore, significant court rulings continue to emerge that seek to interpret the Halliburton II decision.
As this area of law continues to shift, practitioners must keep themselves in the know of emerging developments. They must adopt robust litigation techniques to successfully win a securities lawsuit.
Join securities lawyers Yingzhen Li (The Brattle Group) and Martin Seidel (Willkie Farr & Gallagher LLP) as they discuss recent developments and critical issues in Halliburton II and the fraud-on-the-market doctrine. Speakers will analyze critical issues and share the best litigation techniques in a rapidly evolving legal climate.
This LIVE Webcast will discuss the following:
- Halliburton II and Fraud-on-the-Market Theory: Trends and Updates
- Notable Cases and Court Rulings
- Implications on Class Certification
- Legal Challenges and Risk Issues
- Best Litigation Strategies
- What Lies Ahead
Martin Seidel, Partner
Willkie Farr & Gallagher LLP
- Overview of the legal and procedural framework for class certification in 10b5 cases
- The issue of reliance at the class certification stage: The Basic v. Levinson presumption of reliance, the efficient market theory, and rebutting the presumption under Halliburton II
- Key legal developments and battlegrounds since Halliburton II
- Using event studies to rebut reliance at the class certification stage
Yingzhen Li, Senior Associate
The Brattle Group
- Limitation of using traditional event studies to show no price impact
- Intra-day stock price movement can be used to measure price impact more precisely
- Improving traditional event studies with intra-day data and the realized volatility technique
Who Should Attend:
- Securities Lawyers
- Securities Managers
- Litigation Officers
- Legal Consultants
- Corporate Executives
- General Counsel
- Business Lawyers
Dr. Yingzhen Li is a Senior Associate at The Brattle Group with expertise in securities, capital markets, corporate finance, and financial econometrics. He has extensive experience helping clients solve academically rigorous problems. Dr. Li consults on matters related to securities fraud, market efficiency, foreign exchange transactions, financial derivatives, structured products, credit rating, fixed income, corporate governance, valuation, venture capital, and financial institutions.
Dr. Li has researched the informativeness of insider trading and institutional trading around corporate events. His research has been featured on the Harvard Law School Forum on Corporate Governance.
Dr. Yingzhen Li is a Senior Associate at The Brattle Group with expertise in securities, capital markets, corporate finance, and …
Martin L. Seidel is a partner in Willkie Farr & Gallagher LLP’s Litigation Department. He has more than 25 years’ experience in securities and corporate litigation and arbitration, with an emphasis on corporate control contests, transaction-related securities and shareholder litigations, multiparty class actions and derivative litigations. He regularly advises on litigation matters related to securities laws, mergers and acquisitions, corporate accounting and disclosure, and corporate governance.
Mr. Seidel has tried cases before state and federal courts throughout the United States as well as arbitral tribunals. He has handled investigations before the U.S. Securities and Exchange Commission, FINRA, the U.S. Department of Justice and the U.S. Federal Trade Commission, and by state and federal prosecutors and state Attorneys General across the country.
Martin L. Seidel is a partner in Willkie Farr & Gallagher LLP’s Litigation Department. He has more than 25 years’ …
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Method of Presentation:
General knowledge of securities litigation
NY Category of CLE Credit:
Areas of Professional Practice
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About The Brattle Group
The Brattle Group answers complex economic, regulatory, and financial questions for corporations, law firms, and governments around the world. The firm aims for the highest level of client service and quality in the industry.
The firm is distinguished by its credibility and the clarity of its insights, which arise from the stature of its experts; affiliations with leading international academics and industry specialists; and thoughtful, timely, and transparent work. Brattle’s clients value its commitment to providing clear, independent results that withstand critical review.
Brattle has over 350 talented professionals across three continents. For additional information about Brattle’s experts and services, please visit brattle.com.
About Willkie Farr & Gallagher LLP
Willkie Farr & Gallagher LLP is an elite international law firm with over 700 lawyers located in 11 offices in 6 countries. The firm provides strategic legal representation and counsel to market-leading public and private companies worldwide. Willkie’s top-tier Securities Litigation and Enforcement Practice is particularly renowned for its strength in the area of financial reporting and related proceedings. The group has represented key participants in numerous securities litigations decided by the United States Supreme Court. It has prevailed at trial against the SEC and has undertaken some of the highest-profile audit committee investigations into fraudulent financial reporting. Comprising more than 100 attorneys, the practice group includes senior veterans of the SEC, former enforcement officials of the U.S. Attorney’s Office and the Department of Justice, and other experienced veterans of governmental practice.