What US Private Securities Litigation Reform Act of 1995 (Public Law 104-67) - Pleading Standards and Safe Harbor for Forward-Looking Statements requires
The Private Securities Litigation Reform Act of 1995 amended the Securities Act of 1933 and the Securities Exchange Act of 1934 to impose heightened pleading requirements in private securities fraud actions including a particularised facts pleading standard for scienter, mandate appointment of the most adequate plaintiff as lead plaintiff, stay discovery pending decision on a motion to dismiss, create a safe harbor for forward-looking statements accompanied by meaningful cautionary language, limit recoverable damages to actual loss caused by the misstatement, impose proportionate liability for non-knowing defendants, and require auditor obligations to detect and report illegal acts.
Pillar: Banking & Global Finance · Authority: United States Congress (Government Publishing Office) · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/content/pkg/PLAW-104publ67/html/PLAW-104publ67.htm
SHA-256 integrity: 29fbfc1c58ae22e703f426ca89ef49e132d5c1f2bbe22062246494fbe425e853
Primary Citations — 8 traced to source
- Public Law 104-67 Private Securities Litigation Reform Act enacted December 22, 1995 https://www.govinfo.gov/app/details/PLAW-104publ67
- United States Government Publishing Office enrolled text https://www.govinfo.gov/content/pkg/PLAW-104publ67/pdf/PLAW-104publ67.pdf
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