U.S. Supreme Court

Case Status


Docket Number


Cert. Denied


Questions Presented

1. Whether a defendant seeking to rebut the fraud-on-the-market presumption of reliance under Basic Inc. v. Levinson, 485 U.S. 224 (1988), has a burden of production or a burden of persuasion.

2. Whether plaintiffs may invoke the fraud-onthe-market presumption without direct evidence that the price of the security responded to new, material information during the class period.

Case Updates

Cert. petition denied

April 30, 2018

U.S. Chamber urges Supreme Court to grant cert. to review certification of securities class action

March 30, 2018

Click here to view the amicus brief filed by the U.S. Chamber and the Securities Industry and Financial Markets Association.

Michael H. Park, Patrick Strawbridge, and J. Michael Connolly of Consovoy McCarthy Park PLLC served as co-counsel for the amici.

Case Documents