Halliburton Co. v. Erica P. John Fund, Inc. (573 U.S. 258)
U.S. Supreme Court · decided June 23, 2014 · Supreme Court Database (Spaeth)
- Citation
- 573 U.S. 258 · 134 S. Ct. 2259
- Decided
- June 23, 2014
- Term
- October Term 2013
- Vote
- 9–0
- Majority author
- Justice Roberts
- Issue area
- Economic Activity
- Disposition
- Vacated and remanded
- Outcome
- Petitioning party won
- Ideological direction
- Conservative
Opinion excerpt
(Slip Opinion) OCTOBER TERM, 2013 1 Syllabus NOTE: Where it is feasible, a syllabus (headnote) will be released, as is being done in connection with this case, at the time the opinion is issued. The syllabus constitutes no part of the opinion of the Court but has been prepared by the Reporter of Decisions for the convenience of the reader. See United States v. Detroit Timber & Lumber Co., 200 U.S. 321 , 337. SUPREME COURT OF THE UNITED STATES Syllabus HALLIBURTON CO. ET AL. v. ERICA P. JOHN FUND, INC., FKA ARCHDIOCESE OF MILWAUKEE SUPPORTING FUND, INC. CERTIORARI TO THE UNITED STATES COURT OF APPEALS FOR THE FIFTH CIRCUIT No. 13–317. Argued March 5, 2014—Decided June 23, 2014 Investors can recover damages in a private securities fraud action only if they prove that they relied on the defendant’s misrepresentation in deciding to buy or sell a company’s stock. In Basic Inc. v. Levinson, 485 U.S. 224 , this Court held that investors could satisfy this reli- ance requirement by invoking a presumption that the price of stock traded in an efficient market reflects all public, material infor- mation—including material misrepresentations. The Court also held, however, that a defendant could rebut this presumption by showing that the alleged misrepresentation did not actually affect the stock price—that is, that it had no “price impact.” Respondent Erica P. John Fund, Inc. (EPJ Fund),…
Excerpt of a 93,700-character opinion. The full text and citation network load in the interactive viewer above.