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International Journal of Law and Management

HALLIBURTON AND THE INTEGRITY OF THE PUBLIC CORPORATION

JAMES J. PARK
Professor of Law, UCLA School of Law
Abstract :

When a market for a stock is efficient, the fraud-on-the-market presumption requires courts to initially assume that investors who bought the stock relied on the integrity of the market price. This presumption is critical in establishing the common reliance necessary to certify a class when such investors assert a securities fraud claim under SEC Rule 10b-5. The validity of the fraud-on-the-market presumption rests on two related propositions. The first is descriptive: a company’s stock price in an efficient market will incorporate publicly released information about the company and its economic prospects; thus securities fraud will inflate the price investors pay for the stock. The second is normative: investors can reasonably rely on the integrity of public stock markets when purchasing stock. 

Keywords :
United States Supreme Court, integrity, public information, market

Date Deposited : 31 Mar 2016 11:18

Last Modified : 31 Mar 2016 11:18

Official URL: http://scholarship.law.duke.edu/

Volume 10, Number 2, - 2015 , ISSN 1937-9498

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