Back to ‘Novak’: Confidential Witnesses in Fraud Actions
Since the enactment of the Private Securities Litigation Reform Act (PSLRA) in 1995, the pleading of the accounts of confidential witnesses in securities fraud complaints has become common practice. The PSLRA, which heightened the pleading requirements for securities fraud actions brought under §10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, requires that a securities fraud complaint containing allegations based on information and belief ‘state with particularity all facts on which that belief is formed.’ 15 U.S.C. §78u-4(b)(1).
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