Dear Shareholder:
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As a purchaser of stock within a class period for a particular class action, you are automatically included as a member of the class unless you decide at a later date to opt out. Pursuant to the Private Securities Litigation Reform Act ("PSLRA"), anyone who files a securities class action in federal court must give notice to all affected shareholders and afford them the opportunity to partake as a named plaintiff or move the court to become a lead plaintiff in the action. A putative class member has 60 days from the first notice of the lawsuit to seek to become a lead plaintiff.
Why become a lead plaintiff if you are automatically a member in the class? There are a number of reasons: (1) Having a number of class members petition the court to become a lead plaintiff demonstrates to the Court that support for the litigation is widespread and not an action brought by a few disgruntled shareholders; (2) If appointed lead plaintiff, it allows you to take a more active role in the litigation and afford you the opportunity to directly present your dissatisfaction with company in question; (3) If no one is willing to step forward to fight a fraud, then the action is likely to fail.
If you decide to participate in a class action by petitioning the court to become a lead plaintiff, you will be asked to file a certification that describes your duties as a potential lead plaintiff. A typical certification can be seen from this link.
Once you decide to participate as a named plaintiff you are asking an attorney to move the court on your behalf. The attorney may do this by filing your certification with the court or by attaching your certification to a complaint and filing on your behalf and on behalf of the class. The end result is the same. At some point after the sixty day period the court will decide which shareholders are to represent the class.
If you wish to join an existing action, have one filed on your behalf or have any other questions regarding your particular case, please fill out the form below and the appropriate information will be sent to you.
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