Petrobras Ruling a Mixed Bag for Investors
By Carmen Germaine | Additional reporting by Cara Mannion
July 11, 2017
Hofstra University professor Ron Colombo said the Second Circuit’s decision will make it more difficult for defendants in future cases to argue against market efficiency.
“And that’s such an important issue because if you can show that the market is efficient you can invoke the presumption of reliance, and that’s the only way you can effectively proceed as a class action in a securities fraud case,” Colombo said.
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