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“Materiality” in Securities “Fraud-On-The Market” Action is a Common Question Capable of Resolution for Entire Class

On February 27, 2013, the U.S. Supreme Court issued its highly anticipated opinion in Amgen Inc. v. Connecticut Retirement Plans and Trust Funds, No. 11-1085, slip op. (U.S., Feb. 27, 2013), holding that a plaintiff in a securities fraud case based on fraud-on-the-market theory of reliance does not have to prove materiality of the fraudulent statement or omission at the class certification stage.