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Click here to find out moreIn its decision in Tellabs, the Supreme Court resolved a split among the Circuits, including one between the Second and Ninth Circuits, regarding a key PSLRA provision on pleading a strong inference of scienter. Since that decision a number of courts have used the new test to dismiss securities fraud suits, but now the Second Circuit, in cases such as JP Morgan Chase (Jan. 21, 2009), and the Ninth Circuit, with decisions such as Digmarc Corp. (Jan. 12, 2009), appear to be readopting their old tests and resurrecting the split Tellabs sought to resolve. Join us as Tom Gorman analyzes the impact of Tellabs and the emerging split among the Circuits on this key element of a private securities fraud claim.
