'Basic' Standard Applies To Analyst Reports: 2nd Circ.

Law360, New York (October 1, 2008, 12:00 AM EDT) -- Investors of a reorganized telecommunications company won a victory Tuesday when the Second Circuit ruled that plaintiffs alleging securities fraud against research analysts need not make a heightened evidentiary showing to take advantage of the fraud-on-the-market presumption established 20 years ago by the Supreme Court.

But the ruling was not all good news for the shareholders of Metromedia Fiber Network Inc., with the appeals court overturning a district court order granting them class certification in their action against Citigroup Inc. and its subsidiaries, to give the...
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