In Halliburton Co. v. Erica P. John Fund, Inc., the U.S. Supreme Court will decide whether to overrule or modify the “fraud-on-the-market” presumption of reliance in 10b-5 securities fraud class actions. The fraud-on-the-market presumption has helped plaintiffs surmount the class certification hurdle for over 25 years, and if it is overruled or modified, class certification in securities fraud cases may become a more challenging — and costly — endeavor.