Finally, recognizing the "fraud-created-the-market" theory would not advance the securities laws' disclosure objectives. In rejecting the "fraud-created-the-market" theory, the Third Circuit joined the Seventh Circuit in Eckstein v. Balcor Film Investors, 8 F.3d 1121 (7th Cir. 1993), and disagreed with the Fifth Circuit in Shores v. Sklar, 647 F.2d 462 (5th Cir. 1981). The opinion continues the trend against expansion of securities fraud litigation seen in the Private Securities Litigation Reform Act of 1995 and many judicial decisions since then.