Supreme Court: “Generic Nature” of Misstatements in Securities Action May Help Defendants Defeat Class Certification
By EsqSocial Corporation 29/06/21
In a significant decision on securities class actions, the U.S. Supreme Court last week held that the generic nature of alleged misrepresentations will often be “important evidence of a lack of price impact” that can be used by defendants to defeat class certification. Goldman Sachs Grp., Inc. v. Arkansas Teacher Ret. Sys., No. 20-222 (June 21, 2021). Although Justice Amy Coney Barrett’s opinion for the Court did not go quite as far as the defense bar may have hoped in rebalancing the securities...
By: Perkins Coie