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CONNECTICUT RETIREMENT PLANS & TRUST v. AMGEN INC.

No. 09-56965.

660 F.3d 1170 (2011)

CONNECTICUT RETIREMENT PLANS AND TRUST FUNDS, Plaintiff-Appellee, v. AMGEN INC.; Kevin W. Sharer; Richard D. Nanula; Roger M. Perlmutter; George W. Morrow, Defendants-Appellants.

United States Court of Appeals, Ninth Circuit.

Filed November 8, 2011.

Attorney(s) appearing for the Case

Steven O. Kramer (argued), John P. Stigi III , John M. Landry , and Jonathan D. Moss , Sheppard Mullin Richter & Hampton LLP, Los Angeles, CA, for the defendants-appellants.

J. Michael Hennigan (argued), McKool Smith Hennigan (Los Angeles, California) and Jonathan M. Plasse , Christopher J. McDonald , and Richard T. Joffe of Labaton Sucharow LLP, New York, NY, for the plaintiff-appellee.

James J. Sabella and James R. Banko , Grant & Eisenhofer P.A., New York, NY, for amici curiae California Public Employees' Retirement System and California State Teacher's Retirement System.

Ira D. Hammerman and Kevin M. Carroll of Securities Industry and Financial Markets Association, Washington, DC, Andrew N. Vollmer and Judith E. Coleman , Wilmer Cutler Pickering Hale & Dorr LLP, Washington, DC, Robin S. Conrad and Amar D. Sarwal , National Chamber Litigation Center, Inc., Washington, DC, and Melissa B. Kimmel , Pharmaceutical Research and Manufacturers of America, Washington, DC, for amici curiae Securities Industry and Financial Markets Association, Chamber of Commerce of the United States of America, and Pharmaceutical Research and Manufacturers of America.

Daniel J. Popeo and Richard A. Samp , Washington Legal Foundation, Washington, DC, for amicus curiae Washington Legal Foundation.

Before: BARRY G. SILVERMAN and KIM McLANE WARDLAW, Circuit Judges, and WILLIAM K. SESSIONS, III, District Judge.

OPINION

SILVERMAN, Circuit Judge:

To obtain class certification in a 10b-5 securities fraud case, the plaintiff, as required by Federal Rule of Civil Procedure 23(b)(3), must convince the district court that the element of reliance is common to the class. The Supreme Court has held that this can be done in an appropriate case by invoking the "fraud-on-the-market" presumption—the principle that the market price of a security traded in an efficient...

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