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The Supreme Court upheld a group of investors, overturning the judgment of a lower court, in a suit claiming that Halliburton issued misleading statements. The investors claimed that they lost money when Halliburton did not reveal its liability related to asbestos and overstated its projected construction revenues. Halliburton claimed that the stockholders could not sue as a class unless they could prove that Halliburton’s statements were the primary cause of their losses. The Supreme Court recognized that such proof would be necessary to win the trial, but was not required at this earlier stage of the proceedings.
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Supreme Court Rules for Shareholders Seeking Class Action Status Against Halliburton
