On Monday October 19, 1987, the Dow Jones Industrial Average of New York Stock Exchange Listings dropped 508 points, a decline of more than twenty-two percent of its value in a single day. Two weeks later, on Monday, November 2, the United States Supreme Court heard argument in Basic Inc. v. Levinson. Arguing that stock markets efficiently reflect all public information concerning price, former shareholders of Basic claimed that they had sold their shares at an artificially depressed price because management had denied falsely that the corporation was engaged in merger negotiations. Although the shareholders did not know of the corporation's statements at the time they sold their shares, and therefore could not prove reliance in the traditional sense, they argued they could rely on the integrity of the market to reflect such information. In the chaos and continued fall in the stock market following Black Monday, it is not surprising that at oral argument the defendant directors described stock market efficiency as "a hypothesis that many people have questioned in light of the events of the last few weeks." Notwithstanding the market crash, a plurality of the Supreme Court ultimately accepted the "fraud-on-the-market" basis for plaintiff standing under Rule 10b-5.
The export option will allow you to export the current search results of the entered query to a file. Different
formats are available for download. To export the items, click on the button corresponding with the preferred download format.
By default, clicking on the export buttons will result in a download of the allowed maximum amount of items.
To select a subset of the search results, click "Selective Export" button and make a selection of the items you want to export.
The amount of items that can be exported at once is similarly restricted as the full export.
After making a selection, click one of the export format buttons. The amount of items that will be exported is indicated in the bubble next to export format.