United States Second Circuit

Affirming the order of the district court granting the plaintiff's motion for class certification under the Securities Exchange Act because although the court erred in holding that the Affiliated Ute presumption of reliance applied because the claims were primarily based on misstatements rather than omissions, the presumption of reliance applied, direct evidence of price impact wasn't necessary to invoke the presumption, the defendants failed to rebut the presumption under the preponderance of the evidence, and the damages methodology applied by the plaintiffs was appropriate.

Appellate Information

• Published 2017/11/06

Judges

• DRONEY

Court

• United States Second Circuit

Counsel