On February 28th, the Second Circuit vacated the dismissal of a putative class action securities fraud lawsuit and addressed when a securities fraud plaintiff is on inquiry notice in light of Merck & Co. v. Reynolds, 130 S.Ct. 1784 (2010). A fact will not be deemed to be "discovered" until a reasonably diligent plaintiff would have sufficient information about that fact to adequately plead it in a complaint. On remand, the trial court should consider whether the inquiry notice defense should be analyzed as an alleged defect in causation, and address the statute of repose and Rule 9(b). City of Pontiac Gen. Emps. Ret. Sys. v. MBIA, Inc.