U.S. Court of Appeals for the Fifth Circuit

Case Status


Docket Number


Case Updates

Case settled

April 25, 2018

Click here to view the opinion and order regarding the settlement.

Motion for stay granted

December 28, 2016

U.S. Chamber weighs in on remaining class certification issues

February 16, 2016

The U.S. Chamber filed an amicus brief urging the Fifth Circuit to reverse a district court’s decision in a securities fraud class action case that flouts both Supreme Court precedent and Federal Rule of Evidence (“FRE”) 301. The Chamber’s brief argued that the district court erred by not considering salient evidence offered by a defendant at the class certification stage to rebut the presumption that an alleged misrepresentation impacted its stock price, in direct conflict with the Supreme Court’s decision in Halliburton II. The brief explained that the district court’s decision threatens to increase abusive securities class actions harming American businesses and, ultimately, their shareholders.

Brendan P. Cullen and Sverker K. Högberg of Sullivan & Cromwell LLP served as co-counsel for the U.S. Chamber of Commerce on behalf of the U.S. Chamber Litigation Center.

Case Documents