Greebel v. FTP Software, Inc.

939 F. Supp. 57 (1996)

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Greebel v. FTP Software, Inc.

United States District Court for the District of Massachusetts
939 F. Supp. 57 (1996)

MP

Facts

Lawrence Greebel (plaintiff) filed suit under the Private Securities Litigation Reform Act of 1995 (PSLRA) against FTP Software, Inc., and its various officers (FTP) (defendants). Greebel alleged that FTP made materially false and misleading statements that violated sections of federal securities laws. Greebel supplied a press release to Business Wire to satisfy the early-notice requirements under the PSLRA. The press release was picked up by the Bloomberg Business News Wire, the Wall Street Journal, Boston Globe, and Dow Jones Wire Service. Thereafter, Greebel, Brian Robinson, and Richard Crane (movants) motioned to be appointed lead plaintiffs and for Milberg, Weiss, Bershad, Hynes & Lerach (MWBH&L) to be appointed lead counsel. FTP objected and alleged (1) the movants failed to comply with the PSLRA certification requirement requiring them to file sworn certifications with their complaint that attest to their transactions in the security; (2) Greebel’s failure to satisfy the PSLRA’s publication requirements for early notice in a widely circulated national business-oriented publication or wire service; and (3) the trial court prematurely decided that the movants met the criteria set forth in the PSLRA for lead plaintiff. The movants contested FTP’s standing to challenge their motion.

Rule of Law

Issue

Holding and Reasoning (Tauro, C.J.)

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