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November 1, 2017Roger B. Greenberg, Zach Wolfe
Does Halliburton II Allow Defendants to Prove a Lack of “Correctiveness” to Defeat Class Certification?
In Halliburton Co. v. Erica P. John Fund, Inc. (“Halliburton II”), the U.S. Supreme Court held that defendants in federal securities fraud cases may defeat class certification by proving a lack of “price impact” at the class certification stage. This holding gave defendants in such cases a significant new opportunity to defeat class certification. But lower courts so far have not given Halliburton II the robust application that Halliburton and other corporate defendants may have hoped for.