Document ID: ./input/supremecourt_opinions/opinions/20pdf/20-222_2c83.pdf
Page Number: 12

Cite as:  594 U. S. ____ (2021) 

9 

Opinion of the Court 

Because the Second Circuit’s opinions leave us with suffi-
cient doubt on this score, we remand for further considera-
tion.3    On  remand,  the  Second  Circuit  must  take  into  ac-
count  all  record  evidence  relevant  to  price  impact, 
regardless whether that evidence overlaps with materiality
or any other merits issue. 

B 
Goldman also argues that the Second Circuit erred by re-
quiring Goldman, rather than Plaintiffs, to bear the burden 
of persuasion on price impact at class certification.  Gold-
man  relies  exclusively  on  Federal  Rule  of  Evidence  301,
which provides in full: 

“In a civil case, unless a federal statute or these rules 
provide otherwise, the party against whom a presump-
tion is directed has the burden of producing evidence to 
rebut the presumption.  But this rule does not shift the 
burden of persuasion, which remains on the party who
had it originally.” 

According to Goldman, Rule 301 applies to the Basic pre-
sumption at class certification, and, as a result, a plaintiff ’s
satisfaction of the  Basic prerequisites shifts only the bur-
den of production to the defendant.  Once a defendant dis-
charges that burden by producing any competent evidence 
of a lack of price impact, Goldman says, the Basic presump-
tion is rebutted and the plaintiff must carry the burden of 
persuasion to show price impact. 

—————— 

3 Compare 955 F. 3d 254, 268 (2020) (“Whether alleged misstatements
are too general to demonstrate price impact has nothing to do with the 
issue  of  whether common  questions  predominate  over  individual  ones” 
(emphasis added)); id., at 270 (“The inflation-maintenance theory does 
not discriminate between general and specific misstatements”), with 879 
F. 3d 474, 485–486 (2018) (correctly requiring the District Court to con-
sider Goldman’s price impact evidence notwithstanding overlap with ma-
teriality).