Law360 (June 19, 2020, 6:03 PM EDT) — In their working legal paper, law professors Jill E. Fisch and Jonah B. Gelbach posit: “Federal judges are poorly positioned to weigh the policy considerations reflected by the tradeoff between confidence level and power” in single-firm event studies that are used and relied upon to evaluate market efficiency, price impact, and loss causation in securities class actions that allege violations of federal securities laws under Section 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.[1]
The Fisch and Gelbach working paper states that the evaluation of the statistical…
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