Tagging Along

The PSLRA states that securities class action plaintiffs, within 20 days of filing a complaint, shall publish a notice advising the proposed class of the suit. After the publication of this notice, it is not uncommon for other plaintiffs’ firms (who have not filed complaints) to publish similar notices in the hopes of attracting a client who can be put forward as a lead plaintiff candidate. Not surprisingly, as discussed in this post on Securities Litigation Watch, the initial plaintiffs’ firms do not care for this practice. (Click here for more on the battle of the press releases from last June.)