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Second Circuit Review: Rebuttal of Fraud-on-the-Market Presumption Post 'Halliburton II'

November 30, 2016 download PDF

In GAMCO Investors v. Vivendi Universal, the Second Circuit provided defendants in securities litigation suits with a method to rebut the fraud-on-the-market presumption by showing that the plaintiffs would have purchased the securities even if they had known about the fraud. However, note litigation partners Martin Flumenbaum and Brad S. Karp in their monthly column, the scope of the Second Circuit's decision leaves practitioners still awaiting further guidance on other theories of rebuttal. The article, "Rebuttal of Fraud-on-the-Market Presumption Post 'Halliburton II,'" appeared in the November 29 issue of the New York Law Journal. Law clerk Kristina Bunting assisted in the preparation of this article.

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