Evaluation of the market efficiency arguments in the class certification

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By Narinder Walia and Micah Officer (April 4, 2022 at 6:43 p.m. EDT) – Are Goldman Sachs shares trading in an efficient market? Many financial economists would answer the question with an axiomatic “yes”.

Goldman Sachs is, of course, a leading global investment bank with a market cap of over $100 billion. Its shares are traded on the New York Stock Exchange and are included in the select group of 30 stocks in the Dow Jones Industrial Average. These are highly liquid securities that are closely scrutinized by hundreds of analysts, traders and fund managers.

And yet, in the context of securities class actions, plaintiffs and defendants disagree on the fundamental issue of market efficiency – ie…

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