On June 23, 2014, the U.S. Supreme Court issued a securities fraud decision that will make it substantially more difficult for plaintiffs’ attorneys to have their securities lawsuits certified as class actions. The unanimous decision was a victory for WLF; the Court agreed with WLF’s argument that a defendant is entitled to rebut the presumption that all stockholders rely on every statement made by a publicly traded company by introducing evidence that a challenged statement had no impact on stock price. The decision overturned a rule adopted by the court below and many other appeals courts: defendants were barred from introducing such rebuttal evidence for the purpose of defeating class certification but instead were required to await a trial on the merits before introducing their rebuttal evidence. By a 6-3 vote, the Court declined a request by Halliburton Co., the defendant, to rule more broadly and abolish the presumption of reliance altogether.