WASHINGTON, June 23 The U.S. Supreme Court on
Monday imposed new curbs on securities class action lawsuits
filed by investors against publicly traded companies.
The court held on a 9-0 vote in a case brought by
Halliburton Co that defendants can, at the preliminary
class certification stage, rebut the plaintiffs' presumption of
reliance on an efficient market if they can show that the
alleged misrepresentation did not affect the stock price. In an
opinion written by Chief Justice John Roberts, the court stopped
short of overturning a key 26-year-old precedent, Basic v.
Levinson, which kickstarted the securities class action
(Reporting by Lawrence Hurley; Editing by Howard Goller)