Securities Law Alert, November 2013
This month’s Alert discusses the Supreme Court’s grant of certiorari to reconsider the fraud-on-the-market presumption of reliance adopted in Basic Inc. v. Levinson, 485 U.S. 224 (1988). We also address two Third Circuit decisions: one holding that the public has a First Amendment right of access to Delaware’s government-sponsored arbitration program for business disputes, and another affirming dismissal with prejudice of a securities fraud action against Kid Brands for failure to allege scienter. Finally, we discuss a Southern District of New York decision declining to dismiss a securities fraud action arising out of the collapse of MF Global.