“The fraud-on-the-market presumption of reliance does not depend on the accuracy of the market price, and whether it mirrors the best possible estimates, in light of all available information, of the actual economic values of securities in terms of their expected risks and returns. Rather, this presumption depends on whether the market price of the stock reflects all available information, such that an investor can be deemed to have indirectly relied on the misrepresentation. Whether the stock was ‘worth’ more or less in some fundamental value sense, while arguably relevant to the efficiency inquiry, is not essential to it. While fundamental value efficiency may be the more comprehensive of the two concepts, encompassing both speed and accuracy, efficiency is not an all-or-nothing phenomenon. For purposes of establishing the presumption of reliance, therefore, investors need only show that the market was informationally efficient, not fundamental value efficient.” See Bowe v. PolyMedica Corp., 432 F.3d 1 (1st Cir. 2005), and Stuebler v. Xcelera.com, 430 F.3d 503 (1st Cir. 2005).
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