This article summarizes relevant precedent and rules applicable to securities fraud pleading practice under the Private Securities Litigation Reform Act of 1995 (PSLRA) and, using a case study, demonstrates the value of a thorough pre-complaint investigation. A good investigation can make the case before your securities fraud complaint hits the docket.
The Cases
Three years have passed since the U.S. Supreme Court decision in Makor Issues & Rights v. Tellabs , which permits an inference of a knowing or fraudulent state of mind from facts pleaded in a complaint only if a “reasonable person” would deem the inference as “cogent and at least as compelling as any opposing inference one could draw from the facts alleged.”
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