Supreme Court Clarifies Basic Presumption Burden and Holds Courts Should Consider All Price Impact Evidence
By EsqSocial Corporation 22/06/21
On June 21, 2021, the U.S. Supreme Court held in Goldman Sachs Group Inc. v. Arkansas Teacher Retirement System, No. 20-222 (2021), that courts may consider at the class certification stage the generic nature of alleged misrepresentations as evidence of the lack of price impact in determining whether a defendant has rebutted the presumption of classwide reliance recognized in Basic Inc. v. Levinson, even though this may entail overlap with the merits question of materiality. The Court further...
By: Skadden, Arps, Slate, Meagher & Flom LLP