The Star-Ledger (N.J.) ran an article this week on the named plaintiff in one of the securities class actions filed against Able Laboratories in the D. of N.J. According to the article, the small, individual investor was unaware of the exact problems at the company until he was cold-called by a plaintiffs’ firm and asked to participate in the suit. Thanks to Securities Litigation Watch for the link.
Quote of note: “‘The law firm called me,’ said Lodish, 31, who bought the shares on the advice of an investment counselor. ‘I know the stock went up and went down. For me to guess is speculative if it was the right thing for it to go up or the right thing for it to go down.'”