Robbins Geller Defeats Defendants’ Third Attempt to Derail Class Certification in Regions Financial Case, Finding Sufficient Evidence of Price Impact to Survive Halliburton II
On November 19, 2014, the Honorable Inge Prytz Johnson of the U.S. District Court for the Northern District of Alabama denied defendants’ third attempt to avoid certification of a class of investors who purchased or otherwise acquired the securities of Regions Financial Corp. between February 27, 2008 and January 19, 2009.
Defendants initially opposed certification in 2012. After the district court overruled their objections, defendants appealed to the Eleventh Circuit Court of Appeals, which similarly rejected their opposition but remanded to allow the district court to consider evidence of price impact in light of the Supreme Court’s recently issued decision in Hallburton Co. v. Erica P. John Fund, Inc., __U.S. __, 134 S. Ct. 2398 (2014) (“Halliburton II”).
In the most recent decision, Judge Johnson confirmed that “plaintiffs’ claims survive the scrutiny now required by Halliburton II” and “therefore again GRANTS the plaintiffs’ motion for class certification.” Order at 21.