Below is the first part of an article by David G. Savage from LAtimes.com. It reads…
WASHINGTON — Halliburton Co. and other U.S. corporations urged the Supreme Court to reverse a 26-year-old ruling that triggered an avalanche of class-action lawsuits by investors in publicly traded companies.
But based on justices’ comments Wednesday, it appeared they would fall at least one vote short of a major victory.
They suggested the court could require a lawyer filing a suit for a group of investors to show evidence that the company’s misleading statements caused its stock price to inflate.
The Supreme Court opened the door for most of today’s class-action stock fraud suits in 1988 when it ruled that a class of plaintiffs need not show they were fooled by a company’s false statements.
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