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Securities Litigation and Regulatory Enforcement Update | Skadden, Arps, Slate, Meagher & Flom LLP


Below are high-level takeaways on each topic.
Securities Filings Remain Elevated Despite the Pandemic
Despite unprecedented disruptions to the court system from the COVID-19 pandemic, plaintiffs continued to bring securities class actions at elevated levels in 2020 a sign that filings will remain high in the year ahead. Based on data from Cornerstone Research through September 30, 2020, plaintiffs were on pace to file approximately 375 federal and state securities class actions through the end of the year. Although lower than the more than 400 actions filed in each of the previous three years, this figure substantially exceeds the 261 cases brought, on average, between 2010 and 2019. ....

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Class Action Litigation Winter 2020/2021


Tuesday, February 9, 2021
Highlights from this issue include:
Supreme Court grants cert in securities class action to address whether the 
Basic presumption of class-wide reliance can be rebutted based on the generic nature of the alleged representation and that the statement had no price impact.
Massachusetts appellate court emphasizes that evidence is required to support class certification, even under state law.
District court in the Second Circuit holds that 
Daubert analysis must be conducted at the class certification stage.
Third Circuit holds that the failure to register tires under federal law is not enough to confer standing.
Seventh Circuit holds that violations of the data retention and destruction requirements of the Biometric Information Privacy Act are sufficient for standing. ....

United States , Cook County , District Of Columbia , Daniel Jung , Richardj Sullivan , National Traffic , Kimberly Clark Corp , Goldman Sachs Group Inc , Goldman Sachs , Bahamas Surgery Center , Eli Lilly Co , Appeals Court , United States Supreme Court , American Pipe Construction Co , California Supreme Court , Spokeo Inc , Dc District Court , Credit Suisse , Compass Group United States Inc , Goldman Sachs Grp Inc , Safeway Inc , Pep Boys , Supreme Court , Us Supreme Court , Jm Smucker Company , Second District Court ,

Supreme Court To Examine the Presumption of Classwide Reliance | Skadden, Arps, Slate, Meagher & Flom LLP


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On December 11, 2020, in the first securities class action case to reach the United States Supreme Court in years, the Court agreed to review a decision by the Second Circuit Court of Appeals that refused to allow defendants to rebut the presumption of classwide reliance by pointing to the generic nature of alleged misstatements to show that the statements had no price impact and granted class certification (
Goldman Sachs Group Inc. v. Arkansas Teacher Retirement System (
Arkansas Teachers), No. 20-222 (petition for
certiorari granted)). Class certification is an important battleground in defending securities class actions because the potential exposure creates an ....

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