The French media company Vivendi proved Tuesday that it is possible to rebut the infamous presumption in securities class actions that investors relied on market-distorting corporate misrepresentations. U.S. District Judge Shira Scheindlin of Manhattan granted Vivendi’s motion for summary judgment against claims by the institutional investor Southeastern Asset Management, or SAM, concluding that the evidence – including a five-hour deposition of the analyst who oversaw SAM’s Vivendi stake – showed SAM did not make investment decisions based on Vivendi’s supposedly fraudulent statements.
via Vivendi squelches big investor’s $57 million claim in class action — On the Case
