Securities Litigation - Presented by Gilardi & Co., LLC
December 14, 2021
In April 2021, top class action practitioners and members of the judiciary gathered for the 3rd annual Western Alliance Bank Class Action Law Forum™, held in collaboration with the University of San Diego School of Law. 2021 Premium sponsor, Gilardi & Co., LLC, presents this on-demand webinar: Securities Litigation.
Peter Crudo, Gilardi & Co., LLC
Peter Morrison, Skadden Arps Slate Meagher & Flom LLP
Monica Loseman, Gibson Dunn & Crutcher LLP
Jonathan Uslaner, Bernstein Litowitz Berger & Grossmann LLP
Darren Robbins, Robbins Geller Rudman & Dowd LLP
Jeremy Lieberman, Pomerantz LLP
This panel held a lively discussion on securities litigation—some of the most high-stakes, headline-generating cases due to the scope and potentially massive settlements. From stockholder derivative to insider trading to government enforcement actions, the experts shared comments on significant litigation and practical advice based on their vast array of perspectives and experience.
One of the top developments to watch this year was Goldman Sachs Group, Inc. v. Arkansas Teacher Retirement System, in which the Supreme Court vacated a decision of the Second Circuit that affirmed certification of a securities fraud class action against Goldman Sachs. Panelists debated whether this decision could create more issues in class certification around the Basic presumption, which is an already contentious area of securities litigation.
A related issue discussed was loss causation — and whether plaintiffs can simply allege that investors purchased stock at inflated prices and later suffered losses, along with if defendants will be able to defeat the Basic presumption using any price-impact evidence, even if it later overlaps with a future merits inquiry.
The panelists also weighed in on Rule 23’s provision that allows class members to opt-out of a class action lawsuit—dictating when a class can be certified, the type of notice required and what must be adhered to for class certification.