Appointment of Lead Plaintiff Under The Private Securities Litigation Reform Act: Update 2001
- Topics:
- Regulatory issues
- Tags:
- Investor,
- Plaintiff,
- Securities Litigation
- Source:
- Grant & Eisenhofer, P.A.
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Overview: It has been nearly six years since the passage of the Private Securities Litigation Reform Act ("Reform Act" or "PSLRA"). The Reform Act was passed with the intention that control over securities litigation be taken away from the lawyers and returned to the investors. Congress, in passing the Reform Act, expressed a preference for institutional investors as lead plaintiffs in order to carry out the stated purpose of the Act. This article gives a picture of detail developments since mid-2000 as well as the potential problems and concerns for counsel representing institutional investors seeking to play a larger role in class action securities litigation. Despite almost six years of case law, how any of the issues discussed in this article are resolved depends not only upon the jurisdiction in which the matter is decided, but also the judge deciding the case. For even within the same court, the decisions regarding lead plaintiff are widely disparate and are often contradictory. The lead plaintiff issue cries out for appellate review, but the courts of appeal have so far turned a deaf ear.
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Format: HTML | Date: Jan 2003 | Pages: 1
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