This panel will discuss recent trends in the fight over class certification in securities litigation, particularly in the wake of the Supreme Court's recent decision concerning "price impact" in Goldman Sachs Grp., Inc. v. Arkansas Teacher Ret. Sys, No. 20-222, 2021 WL 2519035 (U.S. June 21, 2021). The Supreme Court has now stressed on multiple occasions that defendants must be afforded an opportunity to defeat the Basic presumption of reliance for class certification by presenting evidence that the challenged representations did not actually impact the stock price. Despite that, lower courts have been hesitant to deny certification on these grounds; the panel will discuss how these issues are trending and the circumstances under which defendants have been successful on price impact arguments to date. The panel will also discuss the continued fight over the application of Comcast Corp. v. Behrend, 569 U.S. 27 (2013) to securities cases and whether the "damages model" plaintiffs typically present in these matters satisfies Comcast.

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