‘Oscar’: Misinterpretation of Fraud-on-the-Market Theory
July 17, 2008
Samuel H. Rudman
New York Law Journal
It has been a year since the U.S. Court of Appeals for the Fifth Circuit’s decision in Oscar Private Equity Investments v. Allegiance Telecom Inc. [FN1] imposed new barriers to class certification for securities fraud cases filed in the Fifth Circuit; however, to date, no other circuit court has followed its lead.