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Securities fraud claims against outside law firm could not be certified as class action, Third Circuit determines

  • Duane Morris LLP
  • -
  • USA
  • -
  • April 5 2011

On March 29, 2011, the U.S. Court of Appeals for the Third Circuit, in In re: DVI, Inc. Securities Litigation,1 ruled that where investor plaintiffs sought to pursue a class action against a company's outside law firm accountable for behind-the-scenes contributions to an apparently fraudulent public filing, the investors had to show the deceptive conduct was publicly attributed to the law firm in order to invoke the "fraud-on-the-market" presumption of reliance