Law360 (June 18, 2021, 5: 48 PM EDT) -- Securities class action attorneys from both sides of the bar have closely followed the developments in Goldman Sachs Group Inc. v. Arkansas Teachers Retirement System for several years. Most are now cautiously awaiting a decision from the U.S. Supreme Court.

On its face, the Goldman Sachs case is about price impact and procedure. Namely, what evidence can a defendant use to successfully rebut Basic v. Levinson's presumption of classwide reliance, established by the Supreme Court in 1988, and at what stage?

The essence of the Goldman Sachs case, however, is the materiality of a company's commitments to act with integrity. Attorneys...