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In re Silicon Graphics Inc. Securities Litigation
United States Court of Appeals for the Ninth Circuit
183 F.3d 970 (1999)
In response to what it viewed as excessive and abusive federal-securities lawsuits, Congress passed the Private Securities Litigation Reform Act (PSLRA). The PSLRA codified some language from what had been the Second Circuit’s pleading standard, which stated that private federal-securities plaintiffs were required to allege certain facts in a complaint. However, the statutory language did not make clear whether other requirements of the Second Circuit’s pleading standard were also incorporated into the PSLRA. An action was brought at the district court that required construction of the standard. The district court held that the plaintiffs failed to meet the PSLRA’s pleading standard because they did not allege facts indicating that the defendants acted with deliberate recklessness. The plaintiffs appealed.
Rule of Law
Holding and Reasoning (Sneed, J.)
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