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Courtney L. Davenport
During oral arguments in Halliburton Co. v. Erica P. John Fund, Inc., the Supreme Court considered whether the fraud-on-the-market doctrine in securities fraud class actions should be overruled. Some justices seemed to express reluctance to completely overturn it and considered a “midway position” requiring that investors present event studies showing that the alleged misstatement distorted the market price.