The U.S. Court of Appeals for the Fourth Circuit has decided to publish its opinion in the PEC Solutions securities class action. As discussed in this post from last March, the opinion is the first post-PSLRA decision by the Fourth Circuit to address the common scienter allegations of insider stock sales and violations of generally accepted accounting principles (“GAAP”).
Disclosure: The author of The 10b-5 Daily argued the case before the appellate court on behalf of the defendants.
The 10b-5 Daily 