Abstract
This paper discusses recent developments in securities litigation. First, the paper addresses class action filing trends. Class action filings decreased in 2005, both compared to 2004 and the 1996–2004 average. The article discusses possible reasons for this trend, including the impact of the United States Supreme Court's decision in Broudo v Dura Pharmaceuticals, Inc. Secondly, the article discusses Regulation FD and Securities and Exchange Commission v. Siebel Systems, Inc., et al., the first civil action brought by the SEC pursuant to Regulation FD. Thirdly, the article discusses recent developments under the Private Securities Litigation Reform Act, including the Seventh Circuit's first decision regarding the Reform Act's scienter standard, the impact of 10b5-1 trading plans, a restrictive ruling by the First Circuit on the Reform Act's safe harbour for forward-looking statements, and application of Dura by lower courts. Finally, the paper discusses the Delaware Chancery Court's decision following the trial in the Disney case.
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