Mealey's (February 4, 2021, 9:35 AM EST) -- WASHINGTON, D.C. — A Second Circuit U.S. Court of Appeals’ ruling upholding a federal district court’s application of the inflation-maintenance theory for demonstrating price impact in granting class certification in a securities fraud lawsuit should be reversed or vacated and remanded for further proceedings because the Second Circuit misapplied the standard for rebutting the presumption for classwide reliance established in the Supreme Court’s ruling in Basic v. Levinson, petitioners argue in a Jan. 25 merits brief filed with the Supreme Court....