Abstract
Suppose that a corporation's stock price falls after management reveals unexpected problems with a new product. Investors who bought stock before the announcement only to see the value of their investments collapse file numerous lawsuits on behalf of the class of investors.' The court then consolidates these actions into a single case. The next step is to select lead plaintiffs to conduct the litigation; this selection2 is governed by the recently enacted Private Securities Litigation Reform Act of 1995 (PSLRA).3 The PSLRA establishes a rebuttable presumption that the moving plaintiff who satisfies Federal Rule of Civil Procedure 23 and has the largest financial interest should be appointed lead plaintiff.4 In addition, the Act's legislative history
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