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Our Securities Litigation Group examines the path of a securities case coming before the Supreme Court that could change the dynamics of evidence of price impact at the class certification stage.
Overview of the presumption of reliance
Summary of the case on appeal
Potential impact of the Court’s ruling
On December 11, 2020, the U.S. Supreme Court granted a petition for writ of certiorari in the case
Goldman Sachs Group, Inc., et al., Petitioners v. Arkansas Teacher Retirement System, et al., No. 20-222. The certiorari petition asked the Court to decide whether a defendant in a securities class action may rebut the presumption of classwide reliance that sometimes exists in federal securities cases by pointing to the generic nature of the underlying alleged misrepresentations and thereby show that the statements at issue had no ability to impact the trading price of the security.