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HALLIBURTON CO. v. ERICA P. JOHN FUND, INC.

No. 13-317.

134 S.Ct. 2398 (2014)

189 L.Ed.2d 339

HALLIBURTON CO., et al., Petitioners v. ERICA P. JOHN FUND, INC., fka Archdiocese of Milwaukee Supporting Fund, Inc.

Supreme Court of United States.

Decided June 23, 2014.

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.

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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