Fraud on the Market after Halliburton II
Hosted by the Duke Journal of Constitutional Law and Public Policy
February 13, 2015
9:00 am ‒ 2:30 pm
Duke University School of Law, Room 3041
The Duke Journal of Constitutional Law & Public Policy is pleased to announce its 2015 symposium, “Fraud on the Market after Halliburton II.” We are excited to invite leading academics and practitioners in the field of securities law to discuss the impact of the Supreme Court’s 2014 decision to maintain the fraud on the market presumption.
This controversial concept is grounded on the theory that material misstatements and omissions cause market-wide distortion in the price of a security. Investors who purchase or sell securities at distorted prices are therefore presumed to have relied on such misstatements. This presumption allows plaintiffs to forego the arduous process of proving that they individually relied on the fraudulent statements. Requiring plaintiffs to show individual reliance would make reliance an individual rather than a class-wide issue and would frustrate plaintiff’s ability to bring class action suits.
In 2014’s Halliburton v. Erica P. John Fund many thought the Supreme Court would either do away with or severely circumscribe the fraud-on-the-market presumption—making securities-fraud class-actions harder to bring. But the Court upheld fraud-on-the-market, though it now allows defendants to rebut the presumption of reliance at the class certification stage of a class action proceeding. The Halliburton holding, along with other sweeping securities rulings from the high Court in recent years reflects an ever more uncertain landscape for securities lawsuits.
The Duke Journal of Constitutional Law & Public Policy’s 2015 symposium will feature renowned scholars from across the country who will discuss the coherence of fraud on the market as a body of law, the practical implications of the Court’s decision in Halliburton, and alternative enforcement mechanisms for securities fraud.
Parking is available on Science Drive at the Visitor’s Parking Lot and at the Parking Garage at the Bryan Center, for a fee.
|9:00 am ‒ 9:30 am||Breakfast|
|9:30 am ‒ 10:00 am||Opening Remarks and Introduction|
|Room 3041||Opening Remarks:||Joseph Blocher, Duke University School of Law|
|Introduction:||Ann Lipton, Duke University School of Law|
|10:00 am ‒ 11:00 am||Fraud on the Market as a Coherent Body of Law|
|Room 3041||Authors:||James Cox, Duke University School of Law|
|Ann Lipton, Duke University School of Law|
|Moderator:||James Park, University of California, Los Angeles School of Law|
|11:00 am ‒ 11:15 am||Break|
|11:15 am ‒ 12:15 pm||Deficiencies of the Fraud on the Market Analysis|
|Room 3041||Authors:||Jill Fisch, University of Pennsylvania Law School|
|James Park, University of California, Los Angeles School of Law|
|Moderator:||James Cox, Duke University School of Law|
|12:15 pm ‒ 1:15 pm||Lunch|
|1:15 pm ‒ 2:15 pm||Alternatives to Class Action Litigation|
|Room 3041||Authors:||Adam Pritchard, University of Michigan Law School|
|Amanda Rose, Vanderbilt University Law School|
|Moderator:||Alan Palmiter, Wake Forest University School of Law|
|2:15 pm ‒ 2:30 pm||Closing Remarks|
|Room 3041||Closing Remarks:||Todd Noelle, Editor in Chief, DJCLPP|