Q: What are some of the department’s most satisfying successes of the past year and why?
A: In April 2016, we convinced the Eighth Circuit to reverse class certification in a securities fraud action against Best Buy. The Eighth Circuit’s ruling marked the first time a court had ever applied the Supreme Court’s decision in Halliburton II to find that a defendant successfully rebutted the fraud-on-the-market presumption of reliance by showing a lack of stock price impact by alleged misrepresentations.
