Attorney(s) appearing for the Case
Aaron M. Streett , Austin, TX, for Petitioners.
David Boies , Armonk, NY, for Respondent.
Malcolm L. Stewart , for the United States as amicus curiae, by special leave of the Court, supporting the Respondent.
Evan A. Young , Baker Botts L.L.P., Austin, TX, Wm. Bradford Reynolds , Baker Botts L.L.P., Washington, D.C., David D. Sterling , Aaron M. Streett , Counsel of Record, Benjamin A. Geslison , Shane Pennington , Edmund G. LaCour, Jr. , Baker Botts L.L.P., Houston, TX, for Petitioners.
Lewis Kahn , Neil Rothstein , Kahn Swick & Foti, LLC, Madisonville, LA, Kim E. Miller, Esq. , Kahn Swick & Foti, LLC, New York, NY, Special Counsel to Lead Plaintiff and the Class, E. Lawrence Vincent , Law Office of Joe H. Staley, Jr., P.C., Dallas, TX, David Boies , Counsel of Record, Boies, Schiller & Flexner LLP, Armonk, NY, Carl E. Goldfarb , Andrew L. Adler , Boies, Schiller & Flexner LLP, Ft. Lauderdale, FL, for Respondent.
Supreme Court of United States.
Chief Justice ROBERTS, delivered the opinion of the Court.
Investors can recover damages in a private securities fraud action only if they prove that they relied on the defendant's misrepresentation in deciding to buy or sell a company's stock. In Basic Inc. v. Levinson, 485 U.S. 224, 108 S.Ct. 978, 99 L.Ed.2d 194 (1988), we held that investors could satisfy this reliance requirement by invoking a presumption that the price of...
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