(L-R) Robert L. Hickok, Jay A. Dubow and Sam Hatcher of Troutman Pepper Hamilton Sanders. Courtesy photos Zoom Securities Ruling Limits Plaintiffs to One Bounce
In cases of multiple corrective disclosures, plaintiffs cannot always choose the most advantageous bounce-back period for calculating statutory damages caps.
May 28, 2021 at 01:13 PM
7 minute read
The U.S. District Court for the Northern District of California recently interpreted a seldom-examined provision of the Private Securities Litigation Reform Act (PSLRA), providing crucial—and rare—guidance for securities defendants about the scope of the PSLRA's 90-day bounce-back provision. The court, in denying a motion to reconsider its selection of a lead plaintiff, adhered to its previous interpretation of the provision, finding that in cases with ongoing corrective disclosures, the cap on damages may be calculated from an earlier partial disclosure, in In re Zoom Securities Litigation, No. 20-cv-025353-JD, (N.D. Cal. April 12, 2021).
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