United States Ninth Circuit

In an appeal from a judgment of the district court granting class-certification in a 10b-5 securities fraud action, judgment is affirmed where the correctly refused to consider defendant's truth-on-the-market defense at the class certification stage because in order to invoke the fraud-on-the-market presumption, plaintiff must merely show that the security in question was traded in an efficient market, and that the alleged misrepresentations were public, but need not, at the class-certification stage, prove materiality.

Appellate Information

• Decided 11/08/2011
• Published 11/08/2011

Judges

• SILVERMAN

Court

• United States Ninth Circuit

Counsel

• For Appellant:
  
• Steven O. Kramer, J. Michael Hennigan