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Email On June 23, 2014, the Supreme Court issued its long anticipated decision in Halliburton Co. v. Erica P. John Fund, Inc., No. 13-317, 2014 WL 2807181 (June 23, 2014). The Court declined to overturn the 25 year-old decision in Basic Inc. v. Levinson, 485 U.S. 224 (1988), which established the “fraud-on-the-market” presumption of reliance in Section 10(b) class actions, but resolved a conflict among the circuits by confirming that under Basic, defendants can challenge and defeat the presumption of reliance at the class certification stage. This article discusses the opinion with a focus on how defendants in practice can successfully rebut the fraud-on-the-market presumption. https://www.cadwalader.com/resources/clients-friends-memos/halliburton-co-v-erica-p-john-fund-inc-the-court-retains-basic-but-permits-defendants-to-rebut-price-impact-at-class-certification