Posted On: 08/18/2016 1:25:50 PM
Post# of 72447
For some reason it screwed up the quote from the previous post...(quite possibly operator error!)
Quote:
[/(“Plaintiff’s counsel have identified no authority for the proposition that the filing of an amended complaint overwrites a Rule 11 violation contained in an original pleading and thereby prevents the imposition of sanctions under the PSLRA.”). In fact, Congress explicitly envisioned the opposite result when it: (1) made the PSLRA mandatory finding and award extend to any complaint filed in the matter, 15 U.S.C. §78u-4(c)(1) & (2); (2) eliminated any “safe harbor” for litigants; (3) intended to increase the frequency of Rule 11 sanctions; and (4) stated its goal of deterring the abusive pattern and practice of filing securities lawsuits against “deep pocket defendants,” “whenever there is a significant change” in stock price, “with only faint hope” that a “plausible cause of action” exists. Committee PSLRA Statement, at 31.quote]
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