United States Sixth Circuit
Schleicher v. Wendt, 09-2154
In a securities-fraud suit against some managers of a large, publicly traded financial-services holding company, district court's conclusion that investors can use the fraud-on-the-market doctrine as a replacement for person-specific proof of reliance and causation in granting the class certification is affirmed as, the district court assured itself that the market for the company's stock was thick enough to transmit defendants' statements to investors by way of the price, and as such, the district court did not commit a legal error, or abuse of discretion, in deciding that the fraud-on-the-market doctrine should not be conscripted to serve some other function.
Appellate Information
- Argued 09/22/2009
- Decided 08/20/2010
- Published 08/20/2010
Judges
Court
- United States Sixth Circuit