In Re Salomon Analyst Metromedia Litig.: Rebuttable Presumption of Fraud-on-the-market Extended to Analysts
Joel B. Ginsberg asked: IntroductionIn Douglas Millowitz v. Citigroup Global Markets et al (“In Re Salomon Analyst Metromedia Litigation”), 544 F.3d 474 (2nd Cir. 2008), the Second Circuit extended the fraud-on-the-market presumption of reliance, first set forth in Basic v. Levinson, 485 U.S. 224 (1988), to analyst reports. The Court also stated that defendants should [...]