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In re Milestone Scientific Securities Litigation

United States District Court for the District of New Jersey

187 F.R.D. 165 (1999)

Facts

Robert M. Gintel and others (the Gintel group) (plaintiffs) moved to have multiple lead counsel appointed in their Private Securities Litigation Reform Act (PSLRA) lawsuit against Milestone Scientific, Inc. (defendant). The suit alleged that Milestone violated numerous federal securities laws in connection with Milestone’s promotion of its computer-controlled anaesthetizing device for dental patients known as “The Wand.” The Gintel group’s motion for multiple lead counsel was initially granted but later reserved, pending re-briefing on the necessity for multiple lead counsel. One of the initially appointed law firms, Abbey, Gardy, moved to be appointed sole lead counsel for the plaintiffs.

Rule of Law

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Issue

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Holding and Reasoning (Lechner, J.)

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A "yes" or "no" answer to the question framed in the issue section;
A summary of the majority or plurality opinion, using the CREAC method; and
The procedural disposition (e.g., reversed and remanded, affirmed, etc.).

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