Supreme Court to Review Class Certification Standards in Private Securities Litigation

On December 11, 2020, the United States Supreme Court granted certiorari in Goldman Sachs Group, Inc., et al. v. Arkansas Teachers Retirement System, et al. No. 20-222, 2020 U.S. LEXIS 5993 (U.S. Dec. 11, 2020), to review a Second Circuit Court of Appeals decision, which involves issues of class certification in the context of shareholder securities class action litigation. The questions presented on appeal are: (1) whether a defendant may rebut the Basic presumption by pointing to the generic nature of the alleged misstatements, even though that evidence is also relevant to the substantive element of materiality; [...]