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Join the Securities Litigation and Enforcement Group on LinkedInAddressing the Use of Confidential Witnesses in Securities Litigation | The D&O Diary
As a result of the PSLRA’s heightened pleading standard and pre-dismissal motion discovery bar, as well as the requirements of cases such as Tellabs, plaintiffs in liability suits under the federal securities laws frequently rely on confidential witnesses. This practice has led to the “confidential witness problem” in securities litigation. In a September 25, 2017 […]
The Confidential Witness Problem in Securities Litigation — The D & O Diary
In an unusual July 9, 2013 post-settlement order in the Lockheed Martin securities class action lawsuit, Southern District of New York Jed Rakoff examines the role of confidential witness-based allegations, both in the Lockheed case itself and in securities cases in general. As is clear from Judge Rakoff’s memorandum, the plaintiffs’ reliance on confidential witness […]