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"The Law Professors' Brief": A New Middle Ground for the Fraud on the Market

April 15, 2014

By HOWARD M. PRIVETTE & PETER M. STONE

On March 5, 2014, the U.S. Supreme Court heard oral argument in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317 (‘‘Halliburton II’’). The primary question presented in the case is whether the Court should overrule or substantially modify the holding of Basic, Inc. v. Levinson, 485 U.S. 224 (1988) (‘‘Basic’’), as it relates to the so-called ‘‘fraud on the market’’ doctrine.