In re Healthsouth Corporation Securities Litigation

SIFMA has submitted an Amicus “Friend of the Court” Brief

Court:

U.S. Court of Appeals

(Eleventh Circuit)

Amicus Issue:

Whether the fraud on the market presumption of class-wide reliance is available to a class of stockholders asserting Section 10(b) claims against an initial purchaser in a Rule 144A private placement of the issuer’s debt securities, based on the theory that the initial purchaser – by having its name on the cover of the confidential private placement offering materials and by participating in the private placement – made an implied statement to the investing public at large, implicitly “endorsing” the issuer’s financial statements.

Counsel of Record:

Shearman & Sterling LLP

599 Lexington Avenue

New York, New York 10022

Herbert S. Washer

Daniel C. Lewis

Other Amici on SIFMA’s Brief:

The Clearing House

The Financial Services Roundtable