… MissPERS’s lawyers told U.S. District Judge William Alsup that he can be sure the fund will do a good job on behalf of all Diamond shareholders because MissPERS has plenty of experience as a lead plaintiff.
The New England fund contends that’s exactly why Mississippi shouldn’t get the appointment in the Diamond case. In a Feb. 9 response to the MissPERS bid, Robbins Geller argued that the Private Securities Litigation Reform Act bars investors from serving as lead plaintiff in more than five cases in any three-year period…. By the New England fund’s count, MissPERS has been a lead plaintiff in “as many as 16” cases in the last three years — three times as many as the PSLRA limit.
via Diamond Foods: Is Miss. pension fund a professional plaintiff?–On the Case