It is a truism in sports that the best defense is a good offense, but it may also be true in securities litigation. Too often, once a securities class action proceeds past the motion to dismiss phase, defense strategy is guided by a single assumption: The case will settle before trial. Thus, defense counsel largely sit back and litigate passively, biding their time until mediation. But aggressively trying securities class actions as if they will proceed to trial has many strategic advantages, including obtaining more favorable settlements. Below are five strategies securities defendants can employ to win before trial, set up appellate opportunities, and obtain settlement leverage.