Seemingly every securities fraud lawsuit has one these days ¿ a "confidential source" who supposedly can corroborate the key allegations in the complaint, and who claims that senior management knew of impending bad news long before it was announced to the public. In keeping with the PSLRA, courts are getting stricter with complaints that rely on these anonymous individuals.
The Confidential Source in Securities Fraud Lawsuits
New York Law Journal
April 25, 2005
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