Richard D. Bernstein, a partner at Willkie Farr & Gallagher, and Frank M. Scaduto, an associate at the firm, write that the U.S. Supreme Court has raised the bar for securities fraud complaints alleging violations of §10(b) of the 1934 Act. In an 8-1 decision, the Court held that "an inference of scienter must be more than merely plausible or reasonable - it must be cogent and at least as compelling as any opposing inference of nonfraudulent intent."
Lower Courts' Handling of 'Tellabs' 'Inference of Scienter'
New York Law Journal
December 11, 2007
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