Held.pdf

08-11195-CV0.wpd.pdf
Preview of held
🔗 Source: ca5.uscourts.gov
📊 Size: 141 KB
📄 Pages: 20 pages
⬇️ Downloads: 78

Summary

The Archdiocese of Milwaukee Supporting Fund, Inc. filed a putative securities fraud class action against Halliburton Company and David Lesar, alleging violations of the Securities Exchange Act of 1934. The district court denied class certification, finding that the plaintiff failed to prove loss causation, and the Fifth Circuit Court of Appeals affirmed the decision. The plaintiff claimed that Halliburton made false statements about its business, causing investors to lose money when the truth was revealed. However, the court found that the plaintiff did not establish a causal link between the alleged falsehoods and its losses, and therefore did not meet the requirements for class certification under the fraud-on-the-market theory. The court required the plaintiff to prove loss causation at the class certification stage by a preponderance of all admissible evidence, which the plaintiff failed to do.

Description

The Archdiocese of Milwaukee Supporting Fund, Inc.

Technical Information

  • File Format: PDF
  • File Size: 141 KB
  • Pages: 20
  • Language: EN
  • Total Downloads: 78
  • Last Updated: 1 month ago

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