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Making Sure the Dice Aren't Loaded: Market Efficiency and the Fraud-on-the-Market Theory in Securities Class Actions by Jai K. Chandrasekhar
Bernstein Litowitz Berger & Grossmann LLP - New York Office
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September 16, 2009
Previously published by The Advocate for Institutional Investors, First Quarter 2006 on January 2006
In 1988, the Supreme Court endorsed the efficient markets presumption of reliance in Basic, Inc. v. Levinson. "It is hard to imagine that there ever is a buyer or seller who does not rely on market integrity," wrote Justice Harry Blackmun for the Court. "Who would knowingly roll the dice in a crooked crap game?"
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