On September 17th, the Third Circuit addressed two Securities Act pleading issues: whether plaintiffs must plead compliance with the statute of limitations found in Section 11 of the Securities Act and whether the inquiry notice or the discovery rule apply when determining when the limitations period begins. The Third Circuit held that a Securities Act plaintiff need not plead compliance with the Securities Act's statute of limitation and that the timeliness of Securities Act claims under Sections 11, 12(a)(2), and 15 of the Act should be measured against a discovery standard. However, the Court found that the claims asserted by plaintiffs in their original complaint were nevertheless untimely. Pension Trust Fund for Operating Engineers v. Mortgage Asset Securitization Transactions, Inc.