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In its recent ruling Halliburton v. Erica P. John Fund, No. 13-317 (S. Ct. June 23, 2014) (Slip Op.) the Supreme Court declined an invitation from business groups and the defense bar to overturn 25 years of precedent by eliminating the judicially-created “fraud-on-the-market” presumption of reliance applicable to certain securities fraud class action suits. The fraud-on-the-market presumption frees plaintiffs in securities fraud suits from the requirement to prove that they relied on a purportedly false or misleading statement or omission when investing. The Court did, however, make it incrementally easier for defendants to have such suits dismissed at the earliest stages of litigation if they can demonstrate that the purportedly false or misleading statements or omissions did not affect the stock price at issue, and therefore could not have caused the damages alleged by plaintiffs.

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Peter Isajiw

Peter Isajiw is a Litigation Partner at King & Spalding, LLP. His practice concentrates on complex commercial and securities litigation, in addition to regulatory investigations. He represents corporations, financial institutions, directors, officers, and individuals in a variety of state and federal court matters. He also assists clients in connection with regulatory investigations conducted by the Department of Justice (DOJ), U.S. Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and U.S. Commodity Futures Trading Commission (CFTC). Peter has extensive experience with sophisticated electronic discovery an area of expertise that is becoming increasingly important in the context of modern litigation. Peter also devotes a significant amount his time to pro bono matters.

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