Docket No. | Op. Below | Argument | Opinion | Vote | Author | Term |
---|---|---|---|---|---|---|
13-317 | 5th Cir. | Mar 5, 2014 | Jun 23, 2014 | 9-0 | Roberts | OT 2013 |
Disclosure: Goldstein & Russell, P.C., whose attorneys contribute to this blog in various capacities, is among the counsel on an amicus brief in support of the respondent in this case.
Holding: Investors can recover damages in a private securities fraud action only if they prove that they relied on the defendant's misrepresentation in deciding to buy or sell a company's stock. In Basic Inc. v. Levinson, the Supreme Court held that investors could satisfy this reliance requirement by invoking a presumption that the price of stock traded in an efficient market reflects all public, material information-including material misstatements. Halliburton has failed to provide the “special justification” necessary to overrule that presumption. However, even if plaintiffs do not need to directly prove that the misrepresentation affected the stock price to invoke the Basic presumption, defendants can defeat the presumption at the class certification stage through evidence that the misrepresentation did not in fact affect the stock price.
Judgment: Vacated and remanded, 9-0, in an opinion by Chief Justice Roberts on June 23, 2014.
Just in: The next Supreme Court opinion day will be next Monday. The court expects to release one or more opinions in argued cases from the current term.
End of an era: Here is NBC News prez Noah Oppenheim's memo about Pete Williams' plan to retire this summer
The Supreme Court sides with Sen. Ted Cruz in his First Amendment challenge to a federal campaign-finance law that limits how and when candidates can recoup loans that they make to their own campaigns. The vote is 6-3 along ideological lines.
In an immigration case, SCOTUS rules 5-4 that federal courts do NOT have jurisdiction to review certain executive-branch factual findings that determine whether non-citizens are eligible for "adjustment of status." Those findings can dictate whether a person is deported.
SCOTUS agrees to take up two new cases: Jones v. Hendrix (a habeas corpus case) and SEC v. Cochran (a case about the power of district courts to hear challenges to the constitutionality of the SEC's administrative law proceedings). Full order list here: https://www.supremecourt.gov/orders/courtorders/051622zor_hgcj.pdf
We're live now on SCOTUSblog's homepage or at https://www.scotusblog.com/2022/05/announcement-of-orders-and-opinions-for-monday-may-16/
Today at SCOTUS: The court will issue one or more opinions in argued cases at 10 a.m. EDT. But first, orders on pending petitions at 9:30. We'll fire up our live blog at 9:25 to break it all down and answer your questions. Grab some ☕️ and come join us: https://www.scotusblog.com/2022/05/announcement-of-orders-and-opinions-for-monday-may-16/