Businesses of all types and sizes throughout the United States, Mexico and beyond bring their disputes to Gardere's litigation team and receive practical, responsive, boutique-style attention in return. Our clients have access to the firepower and value of a well-known and highly-regarded Firm's capabilities and interdisciplinary strengths.
Gardere has a national and international energy practice formed around our Energy Industry Team, which is a multidisciplinary group of approximately 80 attorneys with diverse backgrounds, experience and skills specific to the energy industry. Our team includes attorneys who have served as in-house counsel for major energy companies, providing a depth of insight into our clients' needs, issues and concerns. We understand and regularly practice in virtually every sector of the energy, and we represent a wide variety of industry participants from multinational corporations to individuals.
From our offices in the United States and Mexico, our International Practice helps clients operate in today’s global economy. We have more than 30 professionals operating as a boutique within an Am Law 200 law firm and are able to provide focused service with the resources of a large firm. We understand that clients who are engaged in the global marketplace need lawyers who can operate seamlessly across multiple jurisdictions. Our international experts are multi-lingual, are culturally fluent and intimately familiar with various legal systems across the world, especially those in Latin America. Whether you need help with commercial transactions, regulatory matters, customs and import regulations, immigration matters, M&A and joint ventures, international disputes, or international tax planning, Gardere’s international team is here to assist you.
We represent domestic and foreign private funds in all aspects of fund formation, fund operations, platform and add-on acquisitions, and portfolio company operations. Our team has a reputation for being the go-to-lawyers for private equity funds, hedge funds, venture capital funds and family offices. We are known for our vast deal experience, the efficient way we staff and manage our work, and the way we maintain our relationships. We get deals done with sophisticated, strategic, and practical advice tailored to the needs of our clients.
*Not admitted to practice law.
“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.” Halliburton Co. v. Erica John Fund, Inc., 573 U.S. ___, slip. op. at 1 (June 23, 2014) (“Halliburton II”). Basic v. Levinson, 485 U.S. 224 (1988), held that investors could satisfy this requirement by invoking the presumption that the price of stock traded in an efficient market reflects all public material information—including material misstatements—and that anyone who buys or sells the stock at market price may be considered to have relied on those misstatements.1 On June 23, 2014, the Court confirmed that defendants in a private securities class action can rebut this presumption at the class certification stage by, among other things, showing that the alleged misrepresentation did not actually affect the stock’s price, that is, that the misrepresentation had no price impact. Halliburton II, slip. op at 1-2, 18.
In many ways, the Court’s ruling merely confirmed what Basic had already said, including the standards, such as materiality, necessary to invoke the presumption. However, the Court’s 4-3 split in Basic, its reluctance to consider these issues in Halliburton I,2 the Court’s intervening opinion in Amgen Inc. v. Connecticut Retirement Plans and Trust Funds (which held that materiality need not be shown to obtain class certification),3 left the outcome substantially in doubt. Significantly, however, a hypothetical in the Court’s opinion calls into question whether or not “no price impact” can be established based solely on evidence that the misrepresentation did not prompt an aberrational stock price change on the date that the misrepresentation was first published. If so, the showing required to rebut the Basic presumption (and thus defeat class certification) has been substantially lessened in jurisdictions, such as the Fifth Circuit, which have previously required that the defendant demonstrate “both that the stock price did not increase when the misrepresentation was announced, and that the price did not decrease when the truth was revealed.”4 Efforts should be made to preserve that argument in future cases.
For a more detailed explanation, see the full version of this article attached below. For additional information regarding the content of this alert, please contact Gardere Litigation Partner Orin H. Lewis (email@example.com or 713.276.5764).
2 Erica P. John Fund, Inc. v. Halliburton Co., 131 S.Ct. 2179 (U.S. 2011).
3 568 U.S. ___,133 S.Ct. 1184.
4 Erica P. John Fund, Inc. v. Halliburton Co., 718 F.3d 423, 434 (5th Cir. 2013).
The publications contained in this site do not constitute legal advice. Legal advice can only be given with knowledge of the client's specific facts. By putting these publications on our website we do not intend to create a lawyer-client relationship with the user. Materials may not reflect the most current legal developments, verdicts or settlements. This information should in no way be taken as an indication of future results.
You may use the wildcard symbol (*) as a root expander. A search for "anti*" will find not only "anti", but also "anti-trust", "antique", etc.
Entering two terms together in a search field will behave as though an "OR" is being used. For example, entering "Antique Motorcars" as a Client Name search will find results with either word in the Client Name.
AND and OR may be used in a search. Note: they must be capitalized, e.g., "Project AND Finance."
The + and - sign operators may be used. The + sign indicates that the term immediately following is required, while the - sign indicates to omit results that contain that term. E.g., "+real -estate" says results must have "real" but not "estate".
To perform an exact phrase search, surround your search phrase with quotation marks. For example, "Project Finance".
Searches are not case sensitive.