High Quality Content by WIKIPEDIA articles! Basic, Inc. v. Levinson, 485 U.S. 224 (1988), was a case in which the Supreme Court of the United States articulated the "fraud-on-the-market theory" as giving rise to a rebuttable presumption of reliance in securities fraud cases. Combustion Engineering, Inc. sought to acquire Basic, Inc., and had engaged in discussions with Basic's officers and directors. Three months after these discussions began, Basic asked the New York Stock Exchange to suspend trading in its shares and issued a release stating that it had been "approached" by another company concerning a merger. Basic president Max Mueller publicly denied Basic's involvement in any merger discussions. The next day, Basic's board approved Combustion's tender offer for all outstanding shares.

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