Attorneys
The Deterrence Paradox: How Making Securities Fraud Class Actions More Difficult for Plaintiffs Will More Strongly Deter Corporate Fraud
S. Michael Sirkin
82 Temple L. Rev. 307 (2009)
This article explores the economic and financial underpinnings of the “Fraud on the Market” doctrine, particularly its application to class certification in securities fraud cases brought under Rule 10b-5. The article argues that the policy basis for the private right of action under Rule 10b-5 would be advanced if courts required more probative evidence of market efficiency before certifying a class in such cases.
