News & Events

News & Events

2.17.2017

Why The Reform Act Needs Reforming

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Doug Greene authored a February 15 Law360 article titled “Why The Reform Act Needs Reforming.” Greene discusses the Private Securities Litigation Reform Act, with a focus on two provisions: the safe harbor for forward-looking statements and lead-plaintiff procedures.

Over my career as a securities litigator, I’ve seen both sides of the securities litigation divide that the Reform Act created. In the first part of my career, I witnessed the figurative skid marks in front of courthouses as lawyers raced to the courthouse to file claims before knowing if there really was a claim to be filed — the emblem of the problems Congress sought to correct. And in the 21 years since, I’ve seen the Reform Act both succeed and fail to achieve the results Congress intended.