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3 that a defendant must have the opportunity to rebut this presumption by demonstrating that the statements at issue did not impact the stock price. However, lower courts have struggled to apply these decisions due to the lack of guidance on the showing required to rebut the presumption. Goldman challenges the Second Circuit’s decision to uphold class certification in an inflation-maintenance theory securities fraud class action. Under the inflation-maintenance theory, plaintiffs can claim that misstatements kept a company’s stock price artificially high, rather than causing the price to decrease. Importantly, under this theory, defendants likely cannot look to evidence that the price did not increase initially after the misstatement, but rather may need to rely on evidence that the statement was too generic to impact the price. In oral argument, Goldman asserted that the Second Circuit committed two legal errors. First, Goldman argued that “the court refused to consider the

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