Efficient market hypothesis and fraud on the market theory: A new perspective for class actions

Following recent judgement of the Supreme Court of US (June 2014), several commentators had declared that “Securities class actions are here to stay” (insidecounsel.com – September 2014, 11). This paper provides a critical perspective on this judgement, which “implicates substantive issues at the intersection of economic theory, financial markets, and securities regulation” (128 Harv. L. Rev. 291 2014-2015, 291), and shows that we must be much more careful. This recent judgement is based on the Fraud on the Market Doctrine, which was introduced in 1973 in order to preserve the class action procedure in securities fraud litigation. The characteristic of the Fraud on the Market Doctrine is to have been structured from one of the most popular financial theory: Efficient Market Hypothesis. In this paper, by analysing the implementation of the Efficient Market Hypothesis in Fraud on the Market Theory, we argue that if the Supreme Court had to take position for a second time about the Fraud on the Market Doctrine it is due to the practical difficulties inherited from Efficient Market Hypothesis and that have raised several problems to the US courts, including the Supreme Court. This issue is illustrated by the definition of Efficient Market Hypothesis lawyers used (“most” vs “all”/”fully”). As this paper shows, if “Securities class actions are here to stay”, the opportunity to open such a class action is strongly reduced in the facts

Gene Ontology classification of <i>S</i>. <i>furcifera</i> water salivary proteins.

<p>Saliva components were classified at the second level under three root GO domains: biological process, molecular function and cellular component.</p

Proteomic analysis of watery saliva secreted by white-backed planthopper, <i>Sogatella furcifera</i>

<div><p>The white-backed planthopper, <i>Sogatella furcifera</i>, is a phloem sap feeder that secretes watery and gelling saliva during feeding. In this study, we identified the major proteins in watery saliva of <i>S</i>. <i>furcifera</i> by shotgun LC-MS/MS analysis combined with transcriptomic analysis. A total of 161 proteins were identified, which were divided into 8 function categories, including enzymes, transporter, calcium ion binding protein, salivary sheath protein, cytoskeleton protein, DNA-, RNA-, and protein-binding or regulating proteins, other non-enzyme proteins and unknown proteins. Gene expression pattern of 11 secretory proteins were analyzed by real time quantitative-PCR. We detected the mucin-like protein, which had a unique expression level in salivary gland, most likely to be a candidate effector involved in regulation of plant defense. This study identified the watery saliva component of <i>S</i>. <i>furcifera</i> and it provided a list of proteins which may play a role in interaction between <i>S</i>. <i>furcifera</i> and rice.</p></div

Tissue-specific expression of <i>S</i>. <i>furcifera</i> genes encoding salivary proteins.

<p>SG, salivary gland; Head, head without salivary gland; Gut, gut; Te, testis; Ov, ovary; RB, remaining body.</p

KEGG pathway classification of <i>S</i>. <i>furcifera</i> salivary proteins.

<p>The proteins according to KEGG pathway involved was divided into five branches: A. Metabolism; B. Genetic information processing; C. Environmental information processing; D. Cellular processes; E. Organismal systems.</p

Summarizes the proteins of watery saliva of <i>S</i>. <i>furcifera</i> identified by LC-MS/MS.

<p>Summarizes the proteins of watery saliva of <i>S</i>. <i>furcifera</i> identified by LC-MS/MS.</p

Developmental stage- and sex-specific expression of <i>S</i>. <i>furcifera</i> genes encoding salivary proteins.

<p>Egg, egg period; N1-2, 1^st-2^nd instar nymphs; N3-4, 3^rd-4^th instar nymphs; N5, 5^th instar nymphs; F1, newly emerged female adults; M1, newly molted male adults; F5, female adults after molting for 5 days; M5, male adults after molting for 5 days.</p

Vaccination groups and administration strategy.

<p>A, alum; C, CpG; P, poly(I:C).</p

Immunisation of C57BL/6 mice.

<p>Each group (12 mice/group) was primed twice with HBSS1 together with various adjuvant combinations at weeks 0 and 4. At week 14, all immunised groups were boosted with rAdSS1. Humoral and cellular immune responses were evaluated at the indicated times.</p

Characterisation of recombinant adenovirus rAdSS1.

<p>(<b>A</b>) Schematic representation of recombinant adenovirus viral vectors encoding HBV S and PreS1 fusion genes. ITR, inverted terminal repeat. (B) Western blot detection of SS1 fusion protein expression in HEK293 cells infected with rAdSS1 using specific rabbit anti-PreS1 polyclonal antibodies. The bands of the expressed SS1 proteins are indicated by arrowheads.</p