- How does the fraud-on-the-market theory relate to reliance? Why is this important for class certification?
- According to the fraud-on-the-market theory, who relies on what? Why do they trade?
- What social good, if any, do private securities fraud class actions generate? In other words, what is the policy justification, if any, for allowing this costly litigation to proceed?
- In particular, how does the measure of damages relate to the social harm (as opposed to the private harm suffered by a subset of traders)?