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Third Circuit reiterates standards to evaluate the use of confidential informants post-Tellabs; court finds motive and opportunity no longer sufficient in alleging scienter

USA - June 4 2009 The United States Court of Appeals for the Third Circuit recently held, in Institutional Investors Group v.Avaya, Inc., that the Supreme Court’s decision in Tellabs, Inc. v.Makor Issues & Rights, Ltd. did not change existing law on the use of confidential witnesses to meet the pleading requirements of the Private Securities Litigation Reform Act (“PSLRA”)....

Alan R. Friedman, Arthur H. Aufses III, Stephen M. Sinaiko.