PRIVATE SECURITIES LITIGATION REFORM ACT

TABLE OF CONTENTS

SECURITIES ACT	EXCHANGE ACT
SECTION 27--Private securities litigation	SECTION 21D
(a) Private class actions (1) In general	(a) Private class actions (1) In general
(2) Certification filed with complaint	(2) Certification filed with complaint
(3) Appointment of lead plaintiff (A) Early notice to class members	(3) Appointment of lead plaintiff (A) Early notice to class members
(B) Appointment of lead plaintiff	(B) Appointment of lead plaintiff
(ii) Consolidated actions	(ii) Consolidated actions
(iii) Rebuttable presumption	(iii) Rebuttable presumption
(iv) Discovery	(iv) Discovery
(v) Selection of lead counsel	(v) Selection of lead counsel
(6) Restrictions on payment of attorneys' fees and expenses	(6) Restrictions on payment of attorneys' fees and expenses
(7) Disclosure of settlement terms to class members	(7) Disclosure of settlement terms to class members
(b) Stay of discovery; preservation of evidence	(b) Requirements for securities fraud actions (1) Misleading statements and omissions
(4) Circumvention of stay of discovery	(2) Required state of mind
(c) Sanctions for abusive litigation-	(3) Motion to dismiss; stay of discovery (A) Dismissal for failure to meet pleading requirements
(1) Mandatory review by court	(B) Stay of discovery
(2) Mandatory sanctions	(C) Preservation of evidence
(3) Presumption in favor of attorneys' fees and costs	(D) Circumvention of stay of discovery
(B) Rebuttal evidence	(c) Sanctions for abusive litigation
(C) Sanctions	(1) Mandatory review by court
SECTION 27A--Application of safe harbor for forward-looking statements	(2) Mandatory sanctions
(a) Applicability	(3) Presumption in favor of attorneys' fees and costs
(b) Exclusions	(B) Rebuttal evidence
(c) Safe harbor (1) In general	(C) Sanctions
(2) Oral forward-looking statements	(e) Limitation on damages
(4) Effect on other safe harbors	(f) Proportionate liability
(d) Duty to update	(2) Liability for damages (A) Joint and several liability
(e) Dispositive motion	(B) Proportionate liability
(i) Definitions	(7) Settlement discharge
(1) Forward-looking statement	(B) Reduction
	SECTION 21E--Application of safe harbor for forward-looking statements
	(a) Applicability
	(b) Exclusions
	(c) Safe harbor (1) In general
	(2) Oral forward-looking statements
	(4) Effect on other safe harbors
	(d) Duty to update
	(e) Dispositive motion
	(f) Stay pending decision on motion
	(i) Definitions
	(1) Forward-looking statement