Erica P. John Fund, Inc. v. Halliburton Co., et al, No. 12-10544 (5th Cir. 2013)Annotate this Case
A putative class of plaintiffs sought to recover damages from defendants for securities fraud under section 10(b) of the Securities Exchange Act of 1934, 15 U.S.C. 78j(b). This litigation arose out of alleged misrepresentations by Halliburton concerning three primary aspects of its operations. Based on its finding that common issues predominated and that the other Rule 23 class prerequisites were satisfied, the district court certified the class. The court agreed with the district court that defendants were not entitled to use evidence of no market price impact to rebut the fraud-on-the-market presumption of reliance at class certification. The court concluded that Halliburton's price impact evidence did not bear on the question of common question predominance, and was thus appropriately considered only on the merits after the class had been certified. The court rejected the Fund's waiver challenge. Accordingly, the court affirmed the judgment.
The court issued a subsequent related opinion or order on August 28, 2014.