The U.S. Supreme Court is set to hear Goldman Sachs v. Arkansas next month (oral argument is scheduled for March 29). The questions presented in the case are:
(1) Whether a defendant in a securities class action may rebut the presumption of classwide reliance recognized in Basic Inc. v. Levinson, 485 U.S. 224 (1988), by pointing to the generic nature of the alleged misstatements in showing that the statements had no impact on the price of the security, even though that evidence is also relevant to the substantive element of materiality.
(2) Whether a defendant seeking to rebut the Basic presumption has only a burden of production or also the ultimate burden of persuasion.
via 10b-5 Daily