A March 3 Law360 article quotes securities & shareholder litigation partner John Donovan, who discusses the potential impact of Halliburton Co. v. Erica P. John Fund Inc., which will be argued before the U.S. Supreme Court on March 5. The case challenges the Supreme Court's 1988 ruling in Basic Inc. v. Levinson that adopted the “fraud on the market” theory and permits a plaintiff or class member to substitute reliance on an efficient market for actual reliance on a misrepresentation.
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