FEDERAL SECURITIES CLASS ACTIONS
Securities claims are often brought as class actions under the Securities Act of 1933 (the "1933 Act") and Securities Exchange Act of 1934 (the "1934 Act") against corporate insiders and their outside professionals.; Typically, class actions are brought on behalf of purchasers of securities during a specified Class Period during which, it is alleged, misrepresentations or omissions by defendants caused the price of a security to be artificially inflated. In some of those actions, accountants may be named as defendants, along with the issuer, officers and directors, underwriters and other involved in the process of issuing securities or making statements (either in press releases or documents filed with the SEC) that affect the value of the securities in the open market. Courts have held that actions for violation of the federal securities laws are particularly well suited for class action treatment. Securities fraud actions normally involve hundreds of claimants whose individual damages are too small to justify independent litigation.
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