Tag Archives: reliance

A Big Week for the Securities Bar: Amgen and Gabelli

Co-authored by: Marc D. Powers, Mark A. Kornfeld, and Jessie M Gabriel Editor’s Note: This Executive Alert was published by members of BakerHostetler’s Securities Litigation and Regulatory Enforcement Team and BakerHostetler’s Class Action Team. The Supreme Court last week issued two opinions of major importance to the securities bar. In Amgen Inc. v. Connecticut Retirement … Continue Reading

Materiality Can Wait, Says the Supreme Court in Amgen

By Paul Karlsgodt on February 27, 2013 Posted in Class Certification, Securities

The following post is reprinted with permission from Paul Karlsgodt’s blog, www.classactionblawg.com. Stay tuned over the coming days for more in-depth analysis of the Amgen decision and its potential implications for securities class actions and class actions more generally. The Supreme Court has issued its opinion in one of the most highly anticipated class action-related cases on … Continue Reading

Is “Materiality” a Class Certification or Merits Issue?

By Patrick T. Lewis on July 12, 2012 Posted in Class Action Trends, Class Certification, Securities

Contributing Author: Taylor Jackson The Supreme Court agreed last month to hear an appeal from a Ninth Circuit case, Conn. Retirement Plans & Trust Funds v. Amgen, Inc., 660 F.3d 1170 (9th Cir. 2011), that affirmed an order certifying a securities fraud class based on the fraud-on-the-market theory. Plaintiffs alleged Amgen misrepresented the safety of … Continue Reading

Southern District of New York Applies Daubert and Denies Class Certification in Securities Case

By Jessie M. Gabriel on April 4, 2012 Posted in Class Action Trends, Class Certification, Predominance, Securities

Continuing the trend in the Second Circuit since the IPO decision for courts to “rigorously” determine whether class certification is appropriate, on March 27, 2012, Judge Miriam Cederbaum of the United States District Court for the Southern District of New York denied plaintiff’s motion for class certification in the putative class action brought against Freddie … Continue Reading

Ninth Circuit Affirms That One State’s Laws Cannot Apply to a Nationwide Class and That a Presumption of Reliance Was Improper

By Rodger Eckelberry on February 2, 2012 Posted in Consumer Fraud, Rule 23 Requirements

In Mazza v. American Honda Motor Company, Inc., 666 F.3d 581 (9th Cir. 2012), the Ninth Circuit reversed certification of a nationwide class of automobile consumers, rejecting the district court’s choice of law and predominance analyses. Though a split-decision, the Mazza majority reinforced states’ individual interests and ability to regulate consumer transactions occurring within their … Continue Reading

Fraud-on-the-Market Allowed by Third Circuit to Certify Class in a Ruling That Differs Sharply From Fifth Circuit

By Michael Matthias on January 2, 2012 Posted in Rule 23 Requirements, Securities

In In re DVI, Inc. Securities Litigation, 639 F.3d 623 (3d Cir. 2011), the Third Circuit affirmed the district court’s holding that common class issues predominated over individual issues. The Third Circuit found that the district court had correctly invoked the fraud-on-the-market presumption of reliance to partially grant plaintiffs’ certification motion. Investors of DVI, a … Continue Reading