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On December 11, 2020, the Supreme Court granted the petition of Goldman Sachs Group, Inc. (“Goldman”) for certiorari in
Arkansas Teacher Retirement System v. Goldman Sachs Group, Inc., 955 F.3d 254 (2d Cir. 2020), a securities class action asserting that Goldman made certain misstatements in violation of Section 10(b) of the 1934 Securities Exchange Act and Rule 10b-5(b), which caused the value of Goldman’s publicly-traded shares to decline. The Supreme Court will consider two important issues:
First, whether a court may consider the nature of the alleged misstatements themselves in determining whether, at the class certification stage, a defendant has rebutted the presumption of classwide reliance; and