Raising The Bar For Securities Fraud Complaints

Law360, New York (January 5, 2009, 12:00 AM EST) -- In a case in which Wilson Sonsini Goodrich & Rosati represented the defendants, the U.S. Court of Appeals for the Fourth Circuit issued a decision on Dec. 12, 2008, confirming the stringent pleading standards for plaintiffs attempting to sue public companies and their officers and directors for securities fraud in private class actions (Cozzarelli v. Inspire Pharmaceuticals Inc., No. 07-1851).

In its first decision following the U.S. Supreme Court's ruling in Tellabs Inc. v. Makor Issues & Rights Ltd., 127 S.Ct. 2499 (2007), the Fourth Circuit...
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