U.S. Supreme Court Issues Unanimous Decision in Erica P. John Fund v. Halliburton Securities Class Action Lawsuit.
The United States Supreme Court has reinstated a securities fraud class action lawsuit filed against Halliburton Co. and one of its executives (collectively “Halliburton” or “Defendants”) brought on behalf of all investors who purchased Halliburton common stock between June 3, 1999, and December 7, 2001 and alleging, among other things, Halliburton made various misrepresentations designed to inflate its stock price, about (1) the scope of its potential liability in asbestos litigation, (2) its expected revenue from certain construction contracts, and (3) the benefits of its merger with another company, purportedly in violation of §10(b) of the Securities Exchange Act of 1934 and Securities and Exchange Commission Rule 10b–5, according to the Erica P. John Fund v. Halliburton Class Action Lawsuit decision.
The Supreme Court reportedly held that the Court of Appeals erred by requiring EPJ Fund to show loss causation as a condition of obtaining class certification.
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